Romania will get benefit from Nabucco

It is reported that Romania will benefit annually from 2.58 billion cubic meters of natural gas transported through the Nabucco pipeline. State owned gas-pipeline operator Transgaz said that amount of gas was equivalent to 15% of current annual consumption.

It added that "The intergovernmental agreement on the Nabucco project, signed in Ankara yesterday, is supplemented by a technical accord stipulating that Romania will benefit from 2.58 billion of cubic meters of natural gas annually that it will be able to sell if the country doesn’t need all of it."

Nabucco will be 3,300 kilometers long, of which 457 kilometers will be in Romania. The gas pipeline will transit Azerbaijan, Georgia, Turkey, Bulgaria, Romania, Hungary and Austria. The project is being developed by Nabucco Gas Pipeline International, formed by Austria's OMV, Hungary's MOL, Romania's Transgaz, Bulgaria's Bulgargaz, Turkey's Botas and Germany's RWE.

According to the latest estimates, Nabucco will require total investment of EUR 8 billion, of which Romania will contribute EUR 1.4 billion. Transgaz will provide 30% of that sum, and the remainder will come from bank loans to the consortium guaranteed by Transgaz.

Pipeline construction will start in 2011 and be completed by 2014. Nabucco will supply natural gas from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia. The project has been endorsed by the European Union and the USA.

Source: Romanian Times