Romanian state-run natural gas transmission system operator Transgaz (TGN.RO) could finance between 7% and 20% of the future Nabucco West international pipeline project, the company said in a call to its shareholders Tuesday, news agency Mediafax reports.
Romanian state-run natural gas transmission system operator Transgaz
(TGN.RO) could finance between 7% and 20% of the future Nabucco West
international pipeline project, the company said in a call to its shareholders
Tuesday, news agency Mediafax reports.
Transgaz plans to contribute between 15% and 20% to the Nabucco project if the
latter's membership structure remains unchanged, or 7% to 10% if the project
succeeds in attracting new investors.
The financing proposals will be discussed at a stockholder meeting due to take
place April 29.
Transgaz's managers were not immediately available for comments.
The Nabucco West pipeline is projected to run from
Turkey
to
Austria
,
passing through
Romania
and
Bulgaria
. The
pipeline is expected to carry between 10 billion and 23 billion cubic meters of
natural gas per year.
The developing consortium comprises Transgaz, Austrian oil group OMV AG
(OMVKY), German RWE AG (RWEOY),
Hungary
's MOL
(MGYOY), Bulgargas of Bulgaria and
Turkey
's
Botas, each with a 16.67% share. RWE said it wants to withdraw from the project
and started negotiations with OMV to sell its participation.
In January, the consortium announced it has reached an agreement in principle
with four potential investors and Azerbaijani Shah Deniz consortium to jointly
finance the pipeline's construction.
The Shah Deniz consortium is expected to choose by
30 June 2013
either Nabucco West or the Trans-Anatolian gas
pipeline to ship its natural gas to
Europe
.
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