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Transgaz lost over 25 million euro with Nabucco West

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The gas transporter Transgaz Medias (TGN) spent 110.7 million lei (25.1 million euro) for the project of the pipe Nabucco West, and as the project did not go on, the state companz will report this sum as loss.The sum could grow with another 6.6 million lei, recorded as expenditure for the development of Nabucco, according to a press release of Transgaz sent on Friday to the Stock Exchange Bucharest.

The Austrian group OMV, the leader of the consortium Nabucco allocated 55 million euro to cover the losses connected to Nabucco West. The shareholders of the Nabucco consortium are OMV (Austria), Transgaz Medias (Romania), BEH ( Bulgaria), MOL ( Hungary), BOTAS ( Turkey) and GDF Suez (France).

The consortium hoped to convince the consortium Sah Deniz II who develops the huge gas deposit Sah Deniz in the Caspian Sea, to select Nabucco West as a route for the gas to Europe.The consoritum Sah Deniz II chose a different route, Trans-Adriatic Pipeline (TAP) with Italy as destination, as a route to Europe.Transgaz is controlled by the state,through the ministry of public finances.

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