1. English Edition

Transgaz, OMV Lend EUR7.5M to Nabucco International - Mediafax

Transgaz, OMV Lend EUR7.5M to Nabucco International - Mediafax
dj
Τρι, 20 Αυγούστου 2013 - 15:31
Romanian state-run natural gas transporter Transgaz Medias SA (TGN.RO) and Austrian oil and gas company OMV AG (OMV.VI) will provide a loan of up to 7.5 million euros ($10 million) to Nabucco Gas Pipeline International so that the latter doesn't go insolvent, news agency Mediafax reports.
Romanian state-run natural gas transporter Transgaz Medias SA (TGN.RO) and Austrian oil and gas company OMV AG (OMV.VI) will provide a loan of up to 7.5 million euros ($10 million) to Nabucco Gas Pipeline International so that the latter doesn't go insolvent, news agency Mediafax reports.

Transgaz will provide up to 50% of the loan, it said in a statement Tuesday.

In addition, the Romanian company will contribute another EUR1.34 million to a capital increase of Nabucco Gas Pipeline International.

Transgaz and OMV are shareholders in Nabucco Gas Pipeline International GmbH, a Vienna-registered company set up to manage the now-defunct Nabucco West pipeline project.

The project was supposed to transport Azeri gas from Turkey to Austria , offering a new delivery route to Europe and thus reducing European dependence on Russian gas.

However, the consortium developing Azerbaijan 's largest gas field Shah Deniz-2 has opted for rival Trans-Adriatic Pipeline to ship its gas to the European market.

Following the failure of its pipeline project, Nabucco Gas Pipeline International has started procedures for a controlled shutdown, Transgaz said. The overall budget for the shutdown was set at EUR20 million.

Transgaz announced recently it has written down assets worth 110.7 million lei (EUR25.1 million) in relation to the Nabucco West project and said that it could take additional charges of up to RON6.6 million.

OMV took a one-time charge of EUR55 million because of the failed project.

The other shareholders in the project are Bulgaria 's BEH, Hungary 's MOL, Turkey 's Botas and France 's GDF Suez.

Διαβάστε ακόμα