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Press Release June 29, 2005: Nabucco partners sign joint venture agreement
Nabucco partners sign joint venture agreement
Press Release June 29, 2005
On June 28, 2005, the five partner companies of the international Nabucco gas pipeline project - Botas, Bulgargaz, Transgaz, MOL and OMV Gas - signed a joint venture agreement for the full term of the project at their General Assembly in Vienna.
Otto Musilek, Chairman of the Nabucco Steering Committee, said: "The joint venture agreement is another milestone in establishing the international Nabucco gas pipeline project."
The Nabucco project is included in the EU Trans European Network programme (TEN). The European Union has supported the feasibility study of the project.
The joint venture agreement governs co-operation between the individual companies. The agreement incorporates adoption of the new name of the Nabucco consortium, Nabucco Gas Pipeline International Ltd, which replaced Nabucco Company Pipeline Study GmbH after completion of the feasibility study. Nabucco Company Pipeline Study GmbH was founded in June 2004.
Under its new name, the company has broadened its tasks and objectives, which now include all the activities of a Transmission System Operator (TSO). Nabucco Gas Pipeline International Ltd. is now responsible for drawing up the financing concept of the whole project, co-ordinating the next project phases and establishing the national Nabucco companies in the individual partner countries Turkey, Bulgaria, Romania, Hungary and Austria.