It is reported that Romanian National Gas Transmission Company Transgaz SA can transfer EUR 10.2 million to the Nabucco Gas Pipeline International's consolidated budget for the first half of 2012.

According to the report submitted to the Stock Exchange, this proposal will be analyzed by Transgaz shareholders on February 10. Appropriated funds will be used for operation and development costs of the project.

Transgaz is one of the six shareholders in Nabucco gas pipeline project, which is designed to transport gas from the Caspian region and Middle East to the European countries. The gas to be produced during the second stage of Azerbaijani Shah Deniz gas condensate field development is considered as the main source for Nabucco.

The other project partners include the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Turkish Botas and the German RWE. Each of participants has equal share in the amount of 16.67%. The estimated cost of the project is EUR 7.9 billion. The shareholders will invest 30% of total cost of the project, the rest 70% will be paid owing to loans.

The construction is planned to start in 2013 and the first supplies will start in 2017.

(Sourced from Nine o'clock)