Hungary ratifies inter-governmental agreement on Nabucco gas pipeline
Azerbaijan, Baku, October 20 / Trend E. Ismayilov /
The Hungarian Parliament ratified the inter-governmental agreement signed by five transit-countries on Nabucco gas pipeline project in July, Reuters said.
The inter-governmental agreement was signed by Austrian, Hungarian, Bulgarian, Romanian and Turkish Prime-Ministers on July 13.
Nabucco is designed to transport gas from Caspian region and Middle East to EU countries.
Nabucco gas pipeline worth €7.9 billion envisages gas supply of the Caspian region to EU countries. Launching of gas pipeline construction is scheduled for 2011. The first supplies will begin in 2014. Maximal capacity of pipeline will hit 31 billion cubic meters per year. Participants of the project include Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE. Each participant has equal shares - 16.67 percent. Roughly 30 percent of total project cost will be invested by share holders Nabucco Gas Pipeline International upon share holding, the rest 70 percent will be paid owing to loans.
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