Bulgarian cabinet approves agreement in support of the Nabucco pipeline

The Council of Ministers of Bulgaria has decided to approve an agreement in support of the Nabucco oil pipeline project, drafted by the Republic of Bulgaria, Nabucco Gas Pipeline International GMBH and Nabucco Gas Pipeline Bulgaria GMBH, the Council of Minister’s website wrote on 21 July 2010.

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The intergovernmental agreement giving an official start to the project was signed on 13 July 2009 in Turkey by Austria, Bulgaria, Hungary, Romania and Turkey; later, this past February, the agreement was ratified by the Bulgarian government.

The document foresees as a following step for an agreement in support of the project to be signed between each participating country and the project company. The goal is to facilitate private sector financing and project realisation. The agreements are to detail the framework and timeline for Nabucco in each country.

This agreement in support is defined in the intergovernmental agreement as a contract including clauses both from private and public law. It aims to outline legal, regulatory and other details for construction of the pipeline on Bulgarian territory.

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