Transgaz seeks Foreign Ministry’s support for energy projects promotion

Foreign Minister Cristian Diaconescu met on Tuesday with Transgaz director general Ioan Rusu and with representatives of the Ministry of Economy to discuss the crafting and support of the law ratifying the Agreement on the Nabucco project signed on July 13 in Ankara, informs the Foreign Ministry.

The meeting at the Foreign Ministry’s headquarters was also aimed at informing about the progress of the energy projects Transgaz is involved in, with impact on Romania’s energy security, such as Nabucco, LNG Constanta, the interconnection of natural gas transport grids and others.

Also, new possibilities were discussed to develop co-operation among the Foreign Ministry, the Ministry of Economy and Transgaz, specifically the support the Foreign Ministry can provide to promote these projects in relation with foreign partners.

Participating in the Nabucco Gas Pipeline International GmbH consortium are OMV (Austria), RWE (Germany), MOL (Hungary), Transgaz (Romania), Bulgargaz (Bulgaria) and Botgas (Turkey), with 16.7 pct each.

The Nabucco gas pipeline will cross Romanian soil on a 460 km long segment out of a total of 3,296 km; through Transgaz, Romania will ensure its part of financing to the project, approximately 417 million euros.

The value of the project is 7.9 billion euros, to be covered to an extent of 70 pct from loans raised by the Nabucco International Company and 30 pct by company-own funds.

The Intergovernmental Agreement for the construction of the Nabucco pipeline, signed on July 13 ac in Ankara, is effective for 50 years; its coming in force depends on the date the signatory states ratify the agreement.

Works on the Nabucco pipeline will begin in 2011 and are due for completion in 2014. The European Council meeting in March approved 200 million euros in financial support to the project, with Romania playing an important role in this decision.

Intended to reduce European reliance on Russian gas, the Nabucco pipeline will carry, starting 2014, gas from the Caspian Sea to Europe, via Turkey.

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