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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