Nabucco representative says no changes in project’s shareholder structure

Oil&Gas Materials 25 September 2012 17:20 (UTC +04:00)

Azerbaijan, Baku, Sept. 25 / Trend A.Badalova /

There are no changes in Nabucco consortium's shareholder structure, an official representative in Nabucco Gas Pipeline International GmbH told Trend.

"According to the Nabucco Consortium Steering Committee, there are no changes to the company's shareholder structure at the present time," an official wrote in an e-mail on Tuesday.

Reportedly the Hungarian MOL, which is represented in Nabucco project through its natural gas distribution arm FGSZ decided to stop injecting funds into the pipeline, however the company may reconsider its position on the planned capital increase following the Shah Deniz consortium's decision. According to the reports, FGSZ's share in the consortium has been already dropped by two percent 16.67 percent. Earlier last week Dow Jones reported with the reference to the company's Chief Executive Janos Zsuga, that the share of FGSZ in Nabucco West project may soon diminish in the future.

An official in Nabucco Gas Pipeline International said that Nabucco continues to move forward on the basis of an approved budget, adding that any changes in the shareholder structure are subject to decision of the Nabucco Steering Committee.

Nabucco West is a short-cut version of Nabucco project, which envisages construction of the pipeline from Turkish-Bulgarian border to Austria. Gas to be produced within the second phase of Azerbaijani Shah Deniz gas field development is considered as the main source for the project.

The project's current shareholders are Bulgarian Energy Holding, Romanian Transgaz, Turkish Botas, Austrian OMV, German RWE and Hungary's FGSZ, and each of them holds 16.67-percent share.

Nabucco West project's debt to equity ratio is set to be 70:30 - that means Nabucco's shareholders will invest 30 percent of total cost of the project, and the rest 70 percent will be paid owing to loans.

In June the Shah Deniz consortium selected Nabucco West as the single pipeline option for the potential export of Shah Deniz Stage 2 gas to Central Europe. The final decision on pipeline export route is expected in 2013.