Romania ratifies Nabucco agreement

Romanian President Traian Băsescu ratified the NABUCCO Project Support Agreement (PSA) signed between Romania, NABUCCO Gas Pipeline International GmbH (NIC) and the NABUCCO National Company Romania, NIC reported on Thursday, Trend reports.

According to Reinhard Mitschek, Managing Director NABUCCO Gas Pipeline International GmbH, Nabucco Consortium welcomes the renewed support of Romania for the NABUCCO pipeline. "This is another important step forward, illustrating the advanced stage of development of the NABUCCO pipeline, a project which will ensure the diversification and security of energy supplies in Europe. Progress is far advanced in all areas: legal, engineering and commercial, and we are looking forward to further cooperation with the Romanian authorities as the Project continues," he said.

Transgaz, the Romanian shareholder of NABUCCO, has recently approved the Equity Option and Funding Agreement and the Cooperation Agreement signed by NABUCCO Shareholders with Shah Deniz Partners.

On June 8, 2011 Project Support Agreements (PSAs) between NABUCCO Gas Pipeline International GmbH and the responsible ministries of the transit countries were signed. The main elements of the PSAs are the affirmation of an advantageous regulatory transit regime under EU law; the protection of the NABUCCO Pipeline from potential discriminatory changes in the law; and support for legislative and administrative actions for the further implementation of the project.

Adapted from: Vestnik Kavkaza