New chief executive at Nabucco Gas Pipeline

Vlad Pavlovschi was quoted by NewsIn as saying: “This year, we will focus on obtaining the necessary construction permits, in order to start the construction works in 2011”.

The company obtained the approval for a capital hike by 11,262 lei (€2,671) to 36,032 (€9,065). Pavlovschi added that by the end of the year, the company’s capital could be raised to €100,000-200,000.

Nabucco Gas Pipeline Romania is responsible for the management and planning of Nabucco gas pipeline project in Romania, its sole associate being the Austrian-based Nabucco Gas Pipeline International GmbH.

Nabucco project involves the building of a natural gas pipeline that will ship around 31 cubic meters of natural gas per year from Central Asia directly to Europe and circumvent Russia and other countries altogether. Nabucco project, launched in 2002 would go into operation in 2014 and the cost of it is estimated at €7.9 billion. However, funding the project may be troublesome amid recessionary times. Nabucco project faces the competition of another gas pipeline project proposed by the Russian Federation, South Stream, that will connect Russia to Europe via the Black Sea, and bypass the maritime territory of Ukraine.

Nabucco consortium includes OMV (Austria), MOL (Hungary), Bulgargaz (Bulgaria), Transgaz (Romania), Botas (Turkey) and RWE (Germany) each with an equal share of 16.67%.