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Nabucco, Shah Deniz Partners Reach Equity Option and Funding Agreement

Nabucco's shareholders and potential investors (SOCAR, BP, Statoil and Total) together with Nabucco Gas Pipeline International Gmbh (NIC) and with the Azerbaijani Shah Deniz field partners have reached an "Equity Option and Funding Agreement."

According to a statement from NIC, the agreement envisages joint funding for the development costs of the Nabucco West project up to the pipeline selection decision for Shah Deniz's European export route.

The agreement also grants potential investors equity options of 50 percent to participate as shareholders in the NIC, following a positive pipeline selection decision by the Shah Deniz Consortium in favor of Nabucco West.

The Shah Deniz Consortium, NIC and Nabucco shareholders have also reached a Cooperation Agreement to further develop Nabucco West and its alignment with the Shah Deniz Stage 2 project.

The Equity Option and Funding Agreement and the Cooperation Agreement are being finalized and will be executed in Vienna in the near future.

Nabucco West is a shorter version of the Nabucco project, a pipeline from the Turkish-Bulgarian border to Austria.

The project's current shareholders are Bulgaria's Energy Holding, Romania's Transgaz, Turkey's Botas, Austria's OMV, Germany's RWE and Hungary's FGSZ. Each of the six holds a 16.67 percent share.

In June, 2012 the Shah Deniz Consortium chose Nabucco West as the single pipeline option for the potential export of Shah Deniz Stage 2 gas to Central Europe.

The final decision on the pipeline route to transport Azerbaijani gas to Europe will be made this year.

Source: AzerTAc

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