Parliament Ratifies Nabucco Project Support Agreement

Parliament Ratifies Nabucco Project Support Agreement

Bulgaria's Parliament said it ratified the agreement for support for the Nabucco gas pipeline project.

The support agreement, which was signed in June 2011 by Bulgaria, Nabucco Gas Pipeline International GmbH and Nabucco Gas Pipeline Bulgaria EOOD, sets down the details of the mode of implementation of the project on Bulgarian territory.

Austria's OMV, the Bulgarian Energy Holding, Turkey's Botas, Romania's Transgaz, Hungary's MOL and Germany's RWE are partners in the Vienna-based Nabucco Gas Pipeline International, the project company of the 3,300-kilometre pipeline designed to connect the Caspian region and the Middle East with the Turkish and European gas markets that will ensure diversification of routes and sources and contribute to the security of gas supplies.

The first gas deliveries are expected by 2017.

Initial estimates put the project's cost at 7.9 billion euro ($10.1 billion). The financial strategy for the Nabucco project envisages that 30% of the costs re covered with own funds and 70% through loans.

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