Geoana: Nabucco can put Romania on 21st century map

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The Nabucco project can put Romania on the 21st century map as it is the most important foreign and domestic policy project for our country, said Mircea Geoana, President of the Senate and chairman of the ruling Social Democratic Party (PSD), after he paid a visit to the Transgaz headquarters in the central Romanian city of Medias, Sibiu County.

‘This big project tops energy and can put Romania on the 21st century map in an extremely clear and profitable way,’ said Mircea Geoana. He asked Transgaz manager Ioan Rusu to present Parliament a plan proposing legislative measures but also needs for financing the Nabucco project.

‘On behalf of Romania’s Senate and of Romania’s Parliament I have requested the managing director to present, before Parliament included, an extremely detailed plan referring to the legislative needs, the needs to ratify the Nabucco project that was recently signed in Ankara, the needs to ensure the multi-annual financing when they debated the state budget for 2010 and the years to come and the necessity to finance as it is a financial effort,’ said Geoana.

The President of the Senate, accompanied by a delegation made up of 31 PSD senators, also spoke in Medias about ‘the chances to change this company [Transgaz] into a genuine regional champion with political and economic support.’

Nabucco can ensure Romania ‘the long-term national prosperity and security.’ According to Geoana, Nabucco ‘is the most important geopolitical project Romania has to take part in.’

‘For Romania the most important foreign and domestic policy project is the unblocking of this median corridor, which connects China, Central Asia, the Caucasus, the Black Sea to Europe,’ added Mircea Geoana.

Being a former Minister of Foreign Affairs, Mircea Geoana mentioned again that, in order to succeed, Romania needs ‘diplomatic ability and a balance between the big powers’ in the case of Nabucco.

The Nabucco gas pipeline will cross Romania covering 460 kilometres, of the total of 3,296 km, the total length of the pipeline, and the country, through the agency of Transgaz, will ensure the financing quota of about 417 million euros, the contribution of the above-mentioned company to the Nabucco project, said Premier Emil Boc recently, who came back from the ceremony in Ankara where the Intergovernmental Agreement on Nabucco was signed.

The value of the project is 7.9 billion euros, 70 percent of the financing being ensured by loans taken by the Nabucco International Company and the remaining 30 percent by their own funds.

Work on the Nabucco gas pipeline will start in 2011 and it will be finished in 2014.

Starting in 2014, Nabucco is to carry gas from the Caspian Sea to Europe, crossing Turkey, in order to reduce the European dependence on the Russian gas.

The companies OMV from Austria, RWE from Germany, MOL from Hungary, Transgaz from Romania, Bulgargaz from Bulgaria, and Botgas from Turkey have equal 16.7 percent participations in the Nabucco Gas Pipeline International GmbH consortium.

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