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Bulgaria considers Nabucco agreement

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Published: Dec. 17, 2009 at 11:20 AM
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SOFIA, Bulgaria, Dec. 17 (UPI) -- Bulgarian lawmakers placed the international agreement on the construction of the Nabucco gas pipeline on their agenda for ratification.

Ankara hosted the signing of a milestone intergovernmental agreement by representatives of Austria, Bulgaria, Hungary, Romania and Turkey on the construction of the Nabucco natural gas pipeline in July.

The Bulgarian Parliament opted to consider ratifying the agreement during its latest regular session, the Sofia News Agency reports.

The July measure obligates international partners to consider political support for the project through legal provisions supporting members of the Nabucco pipeline consortium.

The consortium is based on an equity partnership between Austria's OMV, Bulgaria's Bulgargaz, Hungary's MOL, Romania's Transgaz, Turkey's pipeline monopoly BOTAS and German energy giant RWE.

Europe aims to break the Russian grip on the regional energy sector by securing Middle Eastern and Central Asian gas to fill Nabucco.

The $11.5 billion Nabucco pipeline would cross Turkish territory and then head north to Austria to bring approximately 1.1 billion cubic feet of gas to European consumers each year.

The consortium said more than 280 billion cubic feet of gas is scheduled to transit through the pipeline by 2014.

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