  Transit countries, Nabucco Consortium sign Project Support Agreements June 8, 2011 - 20:13 AMT PanARMENIAN.Net - The legal framework for the Nabucco gas pipeline has been finalized as the five transit countries - Austria, Bulgaria, Hungary, Romania and Turkey – have signed Project Support Agreements (PSAs) with the Nabucco Consortium. The signing of the Project Support Agreements (PSAs) between NABUCCO Gas Pipeline International GmbH and the responsible ministries of the five transit countries took place Wednesday, June 8 in Kayseri, Turkey. The PSAs are bilateral, legal agreements specific to and between the Nabucco Companies and the government of each transit country. They represent a significant step in the advanced development stage of the Nabucco Pipeline, the Nabucco Consortium said Wednesday. The main elements of the PSAs are the affirmation of an advantageous regulatory transit regime under EU and Turkish energy law; the protection of the Nabucco Pipeline from potential discriminatory changes in the law; and support for legislative and administrative actions for the further implementation of the project. The PSAs also mark a commitment by each government to support the project. Together with the Intergovernmental Agreement, the PSAs are a necessary prerequisite for the successful financing of the Nabucco project. According to Nabucco Gas Pipeline International GmbH, they create the stable, long-term regulatory regime, which is required by the group of international lenders to secure the financing of one of the largest single gas transmission projects worldwide. "The signing of the PSAs is a further vital milestone for our project and cements our partnership with the governments of the transit countries," commented Reinhardt Mitschek, Managing Director, Nabucco Gas Pipeline International GmbH. "Today also marks the first meeting of the Nabucco Political Committee, which will ensure effective coordination between the transit countries. We are satisfied with the unique solid basis of the project and welcome the support the project is receiving from both political and financial quarters. Nabucco symbolises the future of global energy cooperation; connecting businesses, consumers, countries, and cultures and will ensure diversity and security of supply for many decades to come," novinite.com quoted him as saying.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Ucom's fixed network launched in Artashat  To mark this occasion, the company has introduced a special offer exclusively for Artashat residents.“By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents.The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. |
