Nabucco, Shah Deniz partners reach Equity Option and Funding Agreement
Nabucco gas pipeline project's shareholders, Nabucco Gas Pipeline International Gmbh (NIC) and the partners on Azerbaijani Shah Deniz gas condensate field development and Nabucco project's potential investors (SOCAR, BP, Statoil and Total), have reached Equity Option and Funding Agreement.
According to the Nabucco Gas Pipeline International Gmbh statement, the agreement, in particular, envisages 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 percent to participate as shareholders in NIC following a positive pipeline selection decision by the Shah Deniz Consortium in favour 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 also reached 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 between the relevant parties.
| Source: | trend.az |