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Press release March 12, 2004: Nabucco partners sign incorporation documents
Nabucco partners sign incorporation documents
All partners hold equal shares
Substantial progress in study phase
Press Release March 12, 2004
The partners of the Nabucco-consortium, founded in October 2002 to research a natural gas pipeline connecting the Caspian region/Middle East with Europe, signed in Vienna the incorporation documents to establish the Nabucco Company Pipeline Study GmbH. The company is headquartered in Vienna, its Managing Director is Mr. Reinhard Mitschek, who will be supported by five senior representatives from each consortium partner. The consortium consists of Botas, Boru Hatları ile Petrol Taşıma AŞ from Turkey, Bulgargaz EAD from Bulgaria, S.N.T.G.N. TRANSGAZ S.A. from Romania, MOL Natural Gas Transmission Company Ltd. from Hungary and OMV Erdgas GmbH, a 100% subsidiary of OMV Aktiengesellschaft, from Austria.
The company will focus on developing a financial model for the construction of the pipeline, to design appropriate incentives for investors, to coordinate all marketing activities and to enter into negotiations on transportation contracts with potential shippers.
All parties agree that - with the establishment of the Nabucco Company Pipeline Study GmbH - substantial progress has been made in relation to the Nabucco feasibility study. The parties also signed a contract with the technical general subcontractor to study all issues concerning the design of the new pipeline route. This will accelerate the decision making process for implementation of the project as interim reports of the study show very promising results and highlight the need for such a pipeline project connecting the Caspian region/Middle East with Europe. The major phases of the study are scheduled to be finalised by the end of this year. Pipeline operations could commence in 2009.
This new pipeline route will, for all countries involved, increase the importance of their role of gas transit to Central and Western Europe. In addition this completely new pipeline route opens up a new supply route and a new choice for all gas customers in Europe.