Transit countries, Nabucco Consortium sign Project Support AgreementsJune 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 Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. 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". Partner news | About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. CSTO budget “to be adjusted due to Yerevan’s non-payment of contributions” The CSTO budget for the current year requires adjustments due to the refusal of Yerevan to pay their share of contributions. Russia sends note of protest to Armenia over envoy’s trip to Ukraine’s Bucha Russia has sent a note of protest to Armenia over the visit of Vladimir Karapetyan and Tigran Ter-Margaryan to Bucha. Armenia: Protesters march to parliament, some spend the night on street The protesters did not disperse despite heavy rain that began at around 2 a.m. local time. |