Joint Declaration of Nabucco Shareholders, Potential Investors and Shah Deniz Consortium
On January 10 at Sofia, Nabucco Gas Pipeline International Gmbh ("NIC"), shareholders in NIC ("OMV, BOTAS, BEH, Transgaz, RWE, FGSZ, hereinafter Nabucco Shareholders") and Potential Investors (SOCAR, BP, Statoil, and Total) have reached an agreement in principle on:
Joint funding of the development costs of the Nabucco West up to the pipeline selection decision for Shah Deniz’ European export route; and
The granting to Potential Investors of equity options of 50% to participate as shareholders in NIC following a positive pipeline selection decision by the Shah Deniz Consortium in favor of Nabucco West.
This agreement is being formalized in an Equity Option and Funding Agreement between the Nabucco Shareholders, NIC and the Potential Investors.
The Shah Deniz Consortium, NIC and the Nabucco Shareholders have reached an agreement in principle on a Cooperation Agreement for further development of Nabucco West and 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 shortly in Vienna, Austria between the relevant parties.
The pipeline selection decision for Shah Deniz’ European export route is expected to be made by the Shah Deniz Consortium by 30 June 2013, reads the press release sent to Turan. -0-
Economics
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