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Transgaz could collaborate with Gazproiect and Petrostar for the Nabucco pipeline project
The shareholders of Transgaz Medias will discuss in January, the possibility to associate with Gazproiect Brasov and Petrostar Ploiesti in order to project the Nabucco pipeline on Romanian territory. The agenda of the general meeting of January 15 includes the approval of the income and expenditure budget for 2009, according to a press release of Transgaz, sent on Tuesday to BVB. Nabucco is supported by the EU as an alternative to gas imports from Russia. The development of the gas pipeline is made by the consortium made up of OMV (Austria), Transgaz (Romania), MOL (Hungary), Bulgargaz ( Bulgaria), Botas (Turkey) and RWE ( Germany).The cost of Nabucco is estimated at 7.9 billion euros, and the pipeline should start functioning in 2012. The project will be financed in a proportion of one third by shareholders and two thirds by banks. The gas pipeline, with a length of 3,300 km, will transport gas from the Caspian region and has as a starting point Turkey, crossing Bulgaria, Romania, Hungary and Austria. Transgaz Medias revenues increased by 12.9 % over the first nine months, from 717 million lei during January- September of last year, at 809.6 million lei ( 222,4 million euros) while the net profit went up by 4,45% from 171,4 million lei at 179 million lei ( 49,2 million euros).