“This is an extremely important project on which, to a great extent, Europe and Romania’s energy security depends upon, given that Romania has an energy dependency of approximately 35 percent. This project, with the participation of six companies – Transgaz from Romania – will secure the gas pipeline construction in total length of 3,296 km., of which 460 km. on Romania’s territory”, stated Premier Emil Boc in the Executive’s meeting.
According to the Prime Minister, the implementation of this project will offer the opportunity of creation of jobs, investments and diversification of sources and energy routes for Europe. The project value is estimated at more than eight billion euros. The inter-governmental agreement for the construction of Nabucco gas pipeline was signed on July 13, in Ankara, by representatives of the five participating states – Austria, Bulgaria, Hungary, Romania and Turkey.
Nabucco gas pipeline will transit Romania on a length of 460 km., of the total of approximately 3,300 and, through Transgaz, it will come up with a financial share of approximately 417 million euros to this project. Nabucco project was launched by five companies in the field OMV (Austria), MOL (Hungary), Botas (Turkey), Bulgargaz (Bulgaria), Transgaz (Romania). Last year, Navucco consortium included the sixth partner, RWE Co. from Germany.
The signature of the inter-governmental agreement on Nabucco is viewed as a Romania’s success, because it insisted to be maintained on the priority energy projects list of the European Union. On the occasion of the European Council in March the EU decided to financially back up this project with 200 million euros.
Nabucco is going to transport to the EU up to 31 billion cubic meters of gas per year, from Central Asia, passing through Turkey and Southeastern Europe, avoiding the Russian territory. But some of the participating countries in Nabucco also gave their accord to get involved into the construction of the Russian gas pipeline South Stream, namely Bulgaria, Austria, Hungary and, a short time ago, Turkey.
Launched in 2002 Nabucco is aimed to reduce Europe’s dependency on the Russian gas supply, whereas South Stream, launched in 2007, pursues the opposite, namely to consolidate Russia’s role as the top natural gas supplier to Europe. A quarter of the natural gas volume consumption in the EU is bought from Russia.