Agreement on Nabucco project to be submitted to Parliament for ratification

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Romanian President Traian Basescu on Tuesday signed the decree on the submission to Parliament of the Agreement between the Republic of Austria, the Republic of Bulgaria, the Hungarian Republic, Romania and the Republic of Turkey regarding the Nabucco Project, for ratification, reads a release of the Presidential Administration.

The Romanian Gov’t on Nov 9 approved the draft law on the ratification of the international agreement referring to the Nabucco pipeline and asked the Parliament to ratify it under an emergency procedure.
The inter-governmental agreement to built the Nabucco pipeline had been concluded on July 13, in Ankara, by the representatives of the five states participating – Austria, Bulgaria, Hungary, Romania and Turkey.

The document takes into account the setting of legal grounds and of the basic principles to guide in the materialization of this energy project. By signing the agreement, the partner states committed to ensure a favourable environment to possible investors and suppliers, and they also guaranteed its implementation. According to this agreement, a newly set up entity called the Nabucco Committee will play the role of promoting and supervising the project.

The Nabucco pipeline’s segment across Romania will measure 460 kilometres in length, out of the approximate 3,300 kilometres it measures in total. Romania, via the Transgaz company, will provide 417 million euros for the project.
The signing of the inter-governmental agreement on Nabucco was considered a success for Romania, which insisted to maintain the project on the EU’s priority list. At the European Council in March, it was decided a financial support for the Nabucco project worth 200 million euros.

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