Bulgarian Government Approves Nabucco Agreement

The Bulgarian government yesterday approved an agreement to ratify a contract between the country and the Nabucco pipeline project. The government will seek the ratification of the agreement by members of the Bulgarian Parliament.

The approval yesterday will continue an agreement already signed by the country in June 2011 and will seek to set out the specifications and implementation of the Nabucco pipeline project in Bulgaria.

A report quoted by the Sofia News Agency today says that the approval is part of the best practice countries involved in the project should utilise.

"This is an obligation of every country party to the Nabucco project, with which countries commit to creating beneficial regulatory conditions for the execution of the project and giving companies executing it the needed support," the report said.

Bulgaria is an instrumental country to the pipeline, as one of the five countries the pipeline will run through; Austria, Turkey, Romania and Hungary are the other four.

Bulgarian company Bulgarian Energy Holding is also one of six shareholders in the Nabucco consortium, each holding an equal 16.67 per cent share. Transgaz, Botas, OMV, RWE and FGSZ are the remaining five shareholders.