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French GDF Suez to Become Shareholder in NABUCCO

NABUCCO Gas Pipeline International today welcomed the announcement that the French energy group GDF Suez has concluded a Share Purchase Agreement with OMV in Vienna.

GDF Suez will join OMV (Austria), FGSZ (Hungary), Transgaz (Romania), BEH (Bulgaria) and BOTAS (Turkey) as a shareholder in Nabucco.

"We welcome the entry of GDF Suez into the project. A broad shareholder structure composed of European industry leaders is an important step for a strong financing structure," Frank Siebert, CFO, NABUCCO Gas Pipeline International said.

The NABUCCO pipeline is the shortest route to access the markets of South Eastern Europe. Only NABUCCO enables direct access to the entire Balkan market as well as to Italy and Greece.

The NABUCCO pipeline will connect with the Trans Anatolian Pipeline (TANAP) at the Turkish-Bulgarian border, transiting Hungary, Bulgaria and Romania to the Central European Gas Hub in Baumgarten, Austria. Via Baumgarten, gas from the NABUCCO Pipeline can be transported to over 500 million customers across Europe.

The project's comprehensive legal framework is fully established both in terms of ratified Intergovernmental Agreement and Project Support Agreements and exemptions from the 3rd Energy Package being in place.

The NABUCCO pipeline offers a scalable concept and enables access to considerable storage capacity along the route. Environmental permits have already been obtained in Hungary, and are pending final approval in Romania and Bulgaria. NABUCCO is notably the most technically advanced route, with one integrated operations and control system, ensuring the highest reliability and safety standards.

Source: Trend

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