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Transgaz participation in Turkey's National Company 'Nabucco' approved

Transgaz shareholders approved the company's participation in the establishment of the Nabucco National Company of Turkey, a prerequisite for carrying out the Nabucco gas pipeline project, reads a release to the Bucharest Stock Exchange.

Convened in an extraordinary meeting, Transgaz shareholders approved the act of incorporation of the Nabcco National Company and the Agreement that spells out the terms for the participation of Transgaz in the new entity.

'The Romanian side holds less than 1pc of the Turkey's Nabucco Company. The signing of this agreement is the necessary protocol for establishing the company according to the legislation in force. Turkey is not a European country and has a different legislation,' Transgaz general director Ioan Rusu told Agerpres.

Conceived as an alternative to Russian natural gas supplies, Nabucco appears as a bid to diversify energy resources for the European Union, which greatly depends on Russian gas, by the construction of a gas pipeline running from the Caspian Sea and bypassing Russia. The 3,300 km long pipeline will run from the Caspian Sea to Austria, crossing Turkey, Bulgaria, Romania and Hungary. Romania's Transgaz is one of the six partners engaged in the project, alongside OMV (Austria), MOL (Hungary), Bulgargaz (Bulgaria), Botas (Turkey) and - since February 2008 - RWE (Germany). Works commencement is scheduled for 2010 and the project should be completed in 2013.

The project requires two million tons of steel; 200,000 steel pipe segments and more than 30 gas compression devices.

 

Sursa: http://www.rompress.ro

Tags: transgaz approved company national participation

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