BOTAŞ stake in Nabucco reduced

BOTAŞ stake in Nabucco reduced

ANKARA - Anatolia News Agency

The Turkish stake in the Nabucco pipeline project has been reduced to 16.67.Hürriyet photo

The portion of the “Turkey-Bulgaria-Romania-Hungary-Austria Natural Gas Pipeline,” known as Nabucco, belonging to Turkey’s state-owned natural gas distributor BOTAŞ has dropped from 20 percent to 16.67 percent, according to announcement from the Cabinet in the Official Gazette on April 27.

The announcement also said BOTAŞ will be able to form a separate company that could be active in natural gas trade, investment and management for the countries involved in the Nabucco project.
The move comes just a day after Mol, the Hungarian partner in Nabucco, has rejected the 2012 draft budget of the gas pipeline project.

The Nabucco Gas Pipeline International Company was established in 2004 to transport natural gas to Europe via Turkey. The five members, including BOTAŞ, were each allocated a 20 percent stake. A sixth member, Germany’s RWE, joined the group in February 2008.
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