revista presei pe energie 7 septembrie

2010/09/07

money.ro: Hidroelectrica a aprobat construirea a 50 de hidrocentrale în parteneriat

Compania de stat Hidroelectrica, cel mai mare producător de electricitate din ţară, a aprobat în cadrul Consiliului de Administraţie construirea a 50 de hidrocentrale, în parteneriat. Proiectul ce se ridică la 1,5 miliarde euro.

Directorul general al companiei, Mihai David, a declarat la The Money Channel, că centralele hidro vor avea diferite capacităţi instalate. Vor fi construite salbe de hidrocentrale pe râurile Buzău, Mureş, Arieş, Someş, Olt. Într-o lună vom începe negocierile cu cei interesaţi, iar Hidroelectrica va fi cu siguranţă acţionar majoritar în cadrul proiectelor”, a spus Mihai David.

Hotnews: Finantatorii internationali au inceput evaluarea proiectului Nabucco

Banca Europeana pentru Reconstructie si Dezvoltare (BERD), Banca Europeana de Investitii (BEI) si IFC, divizia financiara a Bancii Mondiale, au demarat procesul de evaluare a proiectului Nabucco. In acest sens, cele trei institutii financiare internationale au semnat, luni, impreuna cu actionarii Nabucco o scrisoare de mandat. Evaluarea este o etapa necesara in obtinerea unui potential pachet de finantare de pana la 4 miliarde de euro.

  • Scrisoarea de mandat formalizeaza conditiile in care cele trei institutii vor derula evaluarea proiectului Nabucco si ofera un indiciu privind potentialul nivel de finantare. De asemenea, documentul stabileste activitatile necesare inainte ca decizia finala de investitie sa poata fi luata.

Potentialul pachet de finantare va fi alcatuit din pana la 2 miliarde de euro de la BEI, pana la 1,2 miliarde de euro de la BERD (pana la 600 milioane de euro pentru contul BERD si pana la 600 milioane euro care urmeaza sa fie sindicalizate catre bancile comerciale) si pana la 800 de milioane euro de la IFC (pana la 400 milioane euro pentru contul IFC si pana la 400 milioane euro care urmeaza sa fie sindicalizate catre bancile comerciale)“, se arata intr-un comunicat al NABUCCO Gas Pipeline.

Dupa finalizarea evaluarii, finantarea va fi nevoie sa fie aprobata de catre organismele relevante ale fiecarei IFI. Agentiile de asigurare a creditelor de export si bancile internationale sunt asteptate sa inceapa evaluarea proiectului Nabucco imediat dupa cea a IFI. Angajamentele din partea potentialilor creditori sunt preconizate pentru 2011.

Nabucco este noua punte de gaz intre Asia si Europa. Va conecta, in mod direct, regiunile cele mai bogate in gaze naturale, regiunea Caspica si Orientul Mijlociu, cu pietele de consum din Europa. Gazoductul va face legatura intre granita estica a Turciei si Baumgarten in Austria, trecand prin Bulgaria, Romania si Ungaria.

  • Actionarii Nabucco sunt: Bulgarian Energy Holding (Bulgaria), Botas (Turcia), MOL (Ungaria), OMV (Austria), RWE (Germania) si Transgaz (Romania). Fiecare actionar detine o participatie egala de 16,67% din Nabucco Gas Pipeline International GmbH. Actionarii sunt cei responsabili pentru negocierea contractelor de aprovizionare cu gaze naturale. Nabucco Gas Pipeline International GmbH (NIC) a fost infiintata la 24 iunie 2004 pentru a dezvolta, a construi si a opera conducta Nabucco.

Uniunea Europeana isi propune, prin realizarea acestui proiect, sa asigure securitatea aprovizionarii cu gaze naturale pentru tarile membre si sa reduca dependenta de importurile din Rusia.

Nabucco este considerat un rival al gazoductului anuntat de Rusia, South Stream, proiect in care Bulgaria este deja inclusa. Bucurestiul a anuntat in mai multe randuri ca este si el interesat sa participe la realizarea acestui proiect. mai mult

Mediafax: România şi Bulgaria vor să adopte o poziţie comună în privinţa Nabucco

Reprezentanţii ministerelor Economiei din România şi Bulgaria au stabilit, în cadrul unor întâlniri organizate la Bucureşti, necesitatea abordării unei poziţii comune în privinţa gazoductului Nabucco, proiect considerat prioritar de ambele state.

In perioada 2-3 septembrie au avut loc, la Bucureşti, lucrările unui grup de lucru româno-bulgar în domeniul energetic.

“Cele două delegaţii au analizat progresele înregistrate şi evoluţia proiectului Nabucco, prioritar pentru ambele ţări, stabilindu-se necesitatea abordării unei poziţii comune în ceea ce priveşte implementarea sa”, se arată într-un comunicat al Ministerului Economiei.

Reprezentanţii celor două delegaţii au discutat şi despre oportunitatea construcţiei unor complexuri hidroenergetice pe Dunăre, cuplarea pieţelor de energie electrică şi interconectarea sistemelor naţionale de transport al energie şi gazelor naturale.

Gazoductul Nabucco, investiţie evaluată la 7,9 miliarde euro, va alimenta pieţele din Europa cu gaze naturale din regiunea Caspică şi Orientul Mijlociu. mai mult

money.ro: Nabucco a ajuns sub lupa băncilor de investiţii

Societăţile de credit au început evaluarea potenţialului de finanţare al gazocdutului. Dacă procesul va fi încheiat cu succes primele fonduri vor veni anul viitor

BERD, BEI şi IFC membră a Băncii Mondiale au încheiat un memorandum care parafează începerea  evaluării a potenţialului de finanţare a proiectului de gazoduct Nabucco, estimat la patru miliarde de euro. Acesta este primul pas către atragerea sumelor necesare demarării lucrărilor propriu-zise de construcţie a gazoductului.

După finalizarea evaluării finanţarea va trebui aprobată de către forurile de conducere a fiecărei instituţii de credit. Banii ar urma să fie viraţi în conturile societăţii de proiect în cursul anului viitor. mai mult

Bursa: Companii interesate de investiţii în energie cer ajutor de stat

ai multe companii străine, dintre care câteva din China, interesate să se asocieze cu firme româneşti pentru construcţia de termocentrale, solicită ajutoare de stat pentru aceste investiţii, pe care autorităţile nu le pot însă acorda, susţin surse citate de Mediafax. “Inves titorii vin cu condiţiile lor, cu care sunt obişnuiţi, printre care şi acordarea de ajutoare de stat, noi punem condiţiile noastre, care nu includ ajutoare de stat. Atât companiile chineze, cât şi altele, interesate de proiecte de producţie a energiei în România, cereau ajutor de stat sau alte tipuri de ajutor din partea Guvernului. În cazul companiilor chineze, în urma misiunii economice din iulie la Shanghai, ele au început să renunţe la astfel de cerinţe”, au afirmat sursele. Proiectele de construcţie a unor grupuri energetice noi sunt cele ale Complexurilor Energetice Turceni şi Rovinari, cel al Termoelectrica de la Doiceşti şi cele ale ELCEN Bucureşti de la Fântânele şi Progresu.

ziare.com: Petrom a vandut activele de explorare din Rusia

Petrom a anuntat,luni, ca a vandut participatia sa de 74,9% la Ring Oil partenerului sau minoritar, Mineral and Bio Oil Fuels Limited (MBO), cele doua parti convenind sa nu faca publice pretul si conditiile contractului de vanzare.

“In conditiile mediului economic actual si ca urmare a prioritizarii proiectelor noastre de investitii, am decis sa vindem activele noastre existente din Rusia. Asa cum am anuntat, strategia noastra pentru 2015 vizeaza atingerea potentialului in E&P si compensarea declinului natural in Romania, precum si dezvoltarea activitatilor internationale in Kazahstan. Portofoliul nostru curent, din Romania si international, precum si investitiile semnificative, asigura o baza solida pentru aprovizionarea cu petrol si gaze”, a declarat responsabilul pentru activitatea de Explorare si Productie din cadrul Petrom, Johann Pleininger.

OMV Petrom a preluat in septembrie 2006 un pachet majoritar de 74,9% din Ring Oil Holding & Trading Ltd., o companie din Cipru, avand actionari din Rusia si din alte tari, cu o experienta vasta in explorarea si productia de titei, ca si in comercializarea de titei si produse petroliere si in domeniul forajului de sonde, in Rusia si in Comunitatea Statelor Independente. mai mult

Vocea Rusiei: South Stream va fi construit la fel de repede ca și Nord Stream

Gazoductul South Stream  va fi construit la fel de repede ca și Nord Streamб a declarat prim ministrul Rusiei Vladimir Putin în cadrul întâlnirii cu participanții la clubul de discuții ”Valdai”. În ceea ce privește Nabucco, conducătorul guvernului consideră că acest proiect are puține șanse de succes. Potrivit lui, principala problemă a Nabucco este lipsa volumelor garantate de gaz, necesare pentru umplerea conductei.  ”Rusia nu va livra acolo nimic, iar în Iran aceste zăcăminte nu au fost încă exploatate. În Azerbaijan există volume  mici și în afară de asta Azerbaijanul a semnat un contract cu Rusia în domeniul livrărilor de gaz în Rusia”, a enumerat Putin.

inforusia.ro: Proiectul energetic AGRI „pus pe tapet” la Baku

Romania impreuna cu Azerbaidjan si cu Georgia ar putea realiza in urmatorii trei ani un proiect care va aduce primele gaze naturale din zona caspica pe piata europeana.

Presedintii Romaniei, Azerbaidjanului si Georgiei se vor intalni pe 14 septembrie la Baku pentru a discuta despre proiectul energetic comun de livrare a gazului pe piata europeana. Pentru a coordona toate documetele necesare, astazi in capitala Azerbaidjanului va avea loc o sedinta comuna a grupurilor de lucru, iar pe 13  septembrie se va desfasura o intalnire la nivel de ministri ai energiei din cele 3 tari, titreaza agentia azera Vesti.Az.

Cei trei presedinti vor examina proiectul energetic comun AGRI (Azerbaijan-Georgia-Romania Interconnector). Proiectul isi propune sa transporte gaze azere prin Georgia si Romania prin intermediul a doua terminale de gaze lichefiate, iar oficialii de la Bucuresti spun ca are toate sansele sa fie finalizat mai devreme decat Nabucco.

Acest proiect prevede transportul de gaze naturale din Azerbaidjan prin conducte pana la coasta Marii Negre din Georgia, unde gazul va fi comprimat la terminale speciale ?i transportat prin Marea Neagra cu tancuri la portul romanesc Constanta. Ulterior gazul lichefiat ar putea lua drumul si spre alte tari europene.

Azerbaidjan si-a propus sa furnizeze pe ruta Baku (Azerbaidjan) – Kulevi (Georgia) – Cons tanta (Romania)  intre trei si opt miliarde de metri cubi de gaze, cu o marire ulterioara a capacitatii pana la 12 miliarde de metri cubi, potrivit agentiei ITAR-TASS. Din aceasta cantitate, Romania ar urma sa opreasca pentru piata interna aproximativ doua miliarde de metri cubi.

Amintim ca pe 13 aprilie 2010 la Bucuresti a fost semnat un memorandum intre Romania, Azerbaidjan si Georgia privind cooperarea in domeniul livrarilor de gaze.

inforusia.ro: British Petroleum vrea sa vanda rusilor active in Marea Nordului

Compania British Petroleum intentioneaza sa  vanda companiei rusesti TNK-BP un pachet consistent de active ale zacamintelor de petrol din Marea Nordului. Potrivit presei britanice, aceasta problema se afla deja pe masa tratativelor cu partenerii rusi. Vanzarea acestor active va permite companiei britanice sa  obtina de la 5 la 10 miliarde de dolari , bani necesari pentru compensarea propriilor pierderi si a prejudiciilor aduse partilor in urma exploziei de la platforma petroliera din Golful Mexic si a catastrofei ecologice care a precedat, informeaza ITAR-TASS.

RIA Novosti: Moscow did not dramatize Gazprom losses during crisis- Putin

The Russian authorities did not dramatize the losses suffered by energy giant Gazprom during the financial crisis, Prime Minister Vladimir Putin said Monday.

“What you said about Gazprom’s losses during the crisis and tough talks with its partners is true. Yes, they took place,” Putin said at a meeting with members of the Valdai International Discussion Club.

“We do not meddle in the operational administration of Gazprom,” he said.

Putin said that the state holds 51% in Gazprom, a controlling stake, but added that a considerable part belongs to foreign shareholders.

“And the Gazprom management is entitled to make operational decisions,” he said.

ITAR TASS: Putin says South Stream to be built as quickly as Nord Stream

Prime Minister Vladimir Putin says the South Stream pipeline would be as quickly as Nord Stream.

“We have started building the gas pipeline on the Baltic seabed, and gas will start flowing by this pipeline next year. We are working fast. And we will build South Stream just as fast,” Putin said at a meeting with Valdai Club members on Monday, September 6, when replying to a question from Turkish Centre for International Relations and Strategic Analysis President Sinan Ogan who asked about South Stream and Nabucco.

Putin said Nabucco had little chance of success. “The main problem with Nabucco is the absence of guaranteed volumes of necessary product in this pipe as there is no source for filling the system,” he said.

“Russia will not make any supplies there. The fields in Iran have not been developed yet. Azerbaijan has small volumes. Besides, Azerbaijan has signed a contract for gas supplies to Russia. There is Turkmenistan, but its volumes are not clear yet because gas pipeline has been built from Turkmenistan to China for 30 billion cubic metres of gas,” he said.

There are also other problems. “There is a territorial dispute between Turkmenistan and Azerbaijan over the Caspian Sea, and I think it would be hard to build the system in this situation, to put it mildly, not to say impossible,” Putin said.

“But theoretically I do not rule out that it could be possible if there is an interested company that is ready to invest billions without signing long-term supply contracts,” he added.

South Stream, which will be jointly built by Gazprom and ENI, will eventually take 30 billion cubic meters of Russian natural gas a year to southern Europe, with Greece becoming a transit state on the southern arm of the pipeline pumping gas to Italy.

Analysts have said that the project, which aims to link Gazprom’s Siberian gas fields with Europe and is seen as a competitor to the EU-backed Nabucco pipeline, will cost around 10 billion euro, or 15.82 billion U.S. dollars.

The projected South Steam gas transit pipeline starts at the Beregovaya compressor station at the Russian Black Sea coast. It would run through the Black Sea to the Bulgarian port of Varna, where it splits – the southwestern pipe would go to southern Italy via Greece, whereas the northwestern route would go through Serbia to northern Italy, possibly including Croatia, Slovenia, Hungary, and Austria.

South Stream is scheduled to become operational in 2013. The 900-kilometer-long undersea section of the pipeline will run from the gas compressor facility at Beregovaya, on Russia’s Black Sea coast, near Arkhipo-Osipovka, towards the city of Burgas, in Bulgaria. The sea’s maximum depth on this route is 2,000 metres.

On the ground the pipeline will split. One (southwestern) branch will be laid across Bulgaria and Greece and the Adriatic Sea towards Brindisi, in Italy, and the other (northwestern one) may follow either of the two routes still being considered – Bulgaria-Serbia-Hungary-Austria, or Bulgaria-Serbia-Croatia, Slovenia-Austria.

South Stream is a strategic project for Europe’s energy security and should be implemented by the end of 2015. Work is currently underway to draft a feasibility study for the marine section across the Black Sea and the surface section running through the transit countries.

The inter-governmental agreement signed in Vienna on April 25, 2010 between Russia and Austria on cooperation under the South Stream project removes all legal obstacles to its implementation.

The agreement was the last document that was necessary for the start of the project. Earlier, Russia signed similar documents with Bulgaria, Serbia, Hungary, Greece, Slovenia, and Croatia.

The 3,300-kilometre Nabucco pipeline is due to connect the European Union to gas deposits in Central Asia and the Middle East. It is planned to start the construction of the line between Turkey, Bulgaria, Romania, Hungary, and Austria in 2011. The project supported by the EU costs seven billion euros, but it is still unclear whether the pipeline can be filled.

The Nabucco project can be implemented but it is not clear whether it will be filled with gas to capacity, First Deputy Foreign Minister Andrei Denisov said earlier.

“As one of the proposed projects, Nabucco can exist, but prospects for filling it with gas are not clear and must be guaranteed,” he said.

“It is impossible to create such technical facilities on the off chance,” the diplomat said.

“Three potential gas suppliers are being considered for Nabucco: Azerbaijan, Iran, and Turkmenistan. Hydrocarbon reserves in Azerbaijan are big but not big enough to ensure the transportation of 20-30 cubic metres of gas a year. And smaller capacities will make no sense,” he said.

“Iran has the world’s second largest gas reserves after Russia. But they have to yet to found and developed, and infrastructure has to be created. And this will require tens of billions of U.S. dollars,” Denisov said.

“We can speak about Nabucco only as a matter of a distant future,” he said.

The pipeline will transport gas from Turkmenistan, Kazakhstan and Uzbekistan to Ukraine through the Caspian Sea, Azerbaijan, Georgia and the Black Sea.

The first gas supplies by this pipeline from Azerbaijan are expected in 2012. According to experts from the pipeline consortium, Nabucco may be able to transport natural gas from Iran after 2017.

apa.az: International financial organizations sign new documemt about Nabucco project

A mandate letter has been signed today by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), IFC – a member of the World Bank Group -, the shareholders of Nabucco and NABUCCO Gas Pipeline International GmbH. The signing of the mandate letter by the three International Financial Institutions (IFIs) marks the start of the appraisal process of the Nabucco project, a required step towards a potential financing package of up to EUR 4 billion. The Nabucco gas pipeline project is the flagship project for meeting future EU gas demand and will diversify Europe’s pool of supplier countries.

The potential financing package will consist of up to EUR 2 billion from the EIB, up to EUR 1.2 billion from the EBRD (up to EUR 600 million for EBRD’s account and up to EUR 600 million to be syndicated to commercial banks) and up to around EUR 800 million from IFC (up to EUR 400 million for IFC’s account and up to EUR 400 million to be syndicated to commercial banks).

The mandate letter formalises the conditions under which the three IFIs will conduct their appraisal of the Nabucco project, and provides an indication of the potential level of financing. It sets out the work that will be required before a final financing decision can be taken.

The involvement of the three IFIs is a demonstration of global and European support for the project and represents an important milestone in ensuring the overall financing of Nabucco. The early involvement of the IFIs will support Nabucco in meeting the highest standards in environmental and social risk evaluation and procurement. The appraisal of the project will include a thorough assessment of commercial, social and environmental aspects.

The Nabucco gas pipeline project addresses the EU’s priority goal of achieving energy security via the diversification of gas routes and gas supplies. It will deliver additional volumes of gas from different sources through a new supply route to the EU member states and their neighbours. Nabucco provides a strategic solution by enabling the transport of gas from both the Caspian Region and the Middle East.

Following the successful conclusion of the appraisal, the financing will need to be approved by the relevant governing bodies of each IFI. Export credit agencies and international banks are expected to commence their appraisal of the Nabucco project soon after the IFIs. Commitments from potential lenders are expected to be sought in 2011.

today.az: EBRD, EIB and IFC start appraisal of Nabucco pipeline

A mandate letter has been signed today by the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), IFC – a member of the World Bank Group -, the shareholders of Nabucco and NABUCCO Gas Pipeline International GmbH. The signing of the mandate letter by the three International Financial Institutions (IFIs) marks the start of the appraisal process of the Nabucco project, a required step towards a potential
financing package of up to EUR 4 billion.

The Nabucco gas pipeline project is the flagship project for meeting future EU gas demand and will diversify Europe’s pool of supplier countries. The potential financing package will consist of up to EUR 2 billion from the EIB, up to EUR 1.2 billion from the EBRD (up to EUR 600 million for EBRD’s account and up to EUR 600 million to be syndicated to commercial banks) and up to around EUR 800 million from IFC (up to EUR 400 million for IFC’s account and up to EUR 400 million to be syndicated to commercial banks). The mandate letter formalises the conditions under which the three IFIs will conduct their appraisal of the Nabucco project, and provides an indication of the potential level of financing. It sets out the work that will be required before a final financing decision can be taken.

The involvement of the three IFIs is a demonstration of global and European support for the project and represents an important milestone in ensuring the overall financing of Nabucco. The early involvement of the IFIs will support Nabucco in meeting the highest standards in environmental and social risk evaluation and procurement. The appraisal of the project will include a thorough assessment of commercial, social and environmental aspects. The Nabucco gas pipeline project addresses the EU’s priority goal of achieving energy security via the diversification of gas routes and gas supplies. It will deliver additional volumes of gas from different sources through a new supply route to the EU member states and their neighbours. Nabucco provides a strategic solution by enabling the transport of gas from both the Caspian Region and the Middle East.

Following the successful conclusion of the appraisal, the financing will need to be approved by the relevant governing bodies of each IFI. Export credit agencies and international banks are expected to commence their appraisal of the Nabucco project soon after the IFIs. Commitments from potential lenders are expected to be sought in 2011.

news.az: Gazprom strengthening position in South Caucasus

Growth in Azerbaijan gas purchases by Gazprom proves strengthening of company’s position in South Caucasus.

The growth in purchases of Azerbaijani gas by Russian Gazprom proves the readiness of the company to purchase the Azerbaijani gas by commercial prices and also creates serious competition to alternative routes of its transportation.

RBK reports that the due statement came from general director of the Institute of National Energy Sergey Pravosudov commenting on the document signed between Gazprom and Azerbaijan’s SOCAR today.

The sides agreed to raise the purchases of Azerbaijani gas to 2bn cubic meters from 2011 and possible raising of purchases in the future.

According to Pravosudov, Gazprom’s strategic goal is also the willingness to demonstrate the advantage of the Russian route of gas transportation as the most reliable one. The agreements on raising gas purchases as well as Gazprom’s readiness to raise them prove the strengthening of positions of the Russian company in this region, Pravodudov says.

According to the general director of the Fund of National Energy Security Konstantin Simonov, the signed document allowing the raise the volumes of gas supplies is a serious sign that Azerbaijan has no political commitments before Europe. Gazprom offers extremely favorable economic provisions to Azerbaijan by means of which Azerbaijan can sell its gas by European prices, only paying for transportation.

As it has already been reported Gazprom and the State Oil Company of Azerbaijan have signed an addition to the working contract of sale and purchase of the Azerbaijani natural gas. In line with the document, the volumes of Azerbaijani gas purchases from 2011 must grow to 2bn cubic meters, from 2012 they must top 2 bn cubic meters. The addition to the contract was signed in Baku within the framework of the official visit of Russian President Dmitriy Medvedev to Azerbaijan which involves Gazprom president Alexei Miller.

The Russian company says that the first gas from Azerbaijan was supplied to Russia on 1 January 2010. The purchase volumes were coordinated on the level of 1 bn cubic meters a year. Earlier Miller stressed Gazprom’s readiness to purchase the entire volume of “free” gas from Azerbaijan

news.az: Gazprom interested in purchasing BP’s assets in Azerbaijan

Russian Gazprom is interested in buying assets of British Petroleum (BP) in Azerbaijan.

According to RTR, the statement came from concern president Alexei Miller on 3 September in Baku. He said the company would be pleased to buy a part of the assets of BP, if they are put up for sale.

The television company notes that BP is the operator of the Baku-Tbilisi-Ceyhan pipeline, which is only one in the post-Soviet area pumping the Caspian oil from Azerbaijan through Georgia to the Turkish port of Ceyhan on the Mediterranean Sea. Each year, the pipeline pumps 35 million tons of oil – 1% of world production.

BP is also the operator of the Trans-Caspian gas pipeline, which supplies Azerbaijani gas via Georgia to Turkey’s Erzurum. By using this pipeline, the EU plans to build Navucco, which aims to diversify gas supplies to EU countries.

“If the Russian side acquire BP’s assets, this would query the transportation of oil and gas from Azerbaijan to Europe”, said another TV channel TVN24.

Earlier, Russian Deputy Prime Minister Igor Sechin said the government of Russia is ready to support possible deals to buy assets of BP,  which is at a stalemate after a technological disaster in the Mexican Gulf.

Novinite: Financial Appraisal Deal Brings Nabucco Closer to Securing Funding

The shareholders and project company of Nabucco have singed a mandate letter with three international financial institutions for the appraisal of the future natural gas transit pipeline, which has been hailed as a key step towards its successful construction

The signing of the mandate letter of the shareholders and Nabucco Gas Pipeline International with the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and IFC – a member of the World Bank Group, marks the start of the appraisal process of the Nabucco project, a required step towards a potential financing package of up to EUR 4 B, the project company says in a statement Monday.

The potential financing package will consist of up to EUR 2 B from the EIB, up to EUR 1.2 B from the EBRD (up to EUR 600 M for EBRD‘s account and up to EUR 600 M to be syndicated to commercial banks) and up to around EUR 800 M from IFC (up to EUR 400 M for IFC‘s account and up to EUR 400 M to be syndicated to commercial banks).

The mandate letter formalizes the conditions under which the three financial institutions will conduct their appraisal of the Nabucco project, and provides an indication of the potential level of financing. It sets out the work that will be required before a final financing decision can be taken.

“The involvement of the EBRDEIB, and IFC is a demonstration of global and European support for the project and represents an important milestone in ensuring the overall financing of Nabucco. The early involvement of the IFIs will supportNabucco in meeting the highest standards in environmental and social risk evaluation and procurement. The appraisal of the project will include a thorough assessment of commercial, social and environmental aspects,” states Nabucco Gas Pipeline International GmbH.

The company also points out that the Nabucco gas pipeline project addresses the EU’s priority goal of achieving energy security via the diversification of gas routes and gas supplies, and will deliver additional volumes of gas from different sources through a new supply route to the EU member states and their neighbors from both the Caspian Region and the Middle East.

Following the successful conclusion of the appraisal, the financing will need to be approved by the relevant governing bodies of each of the three international financial institutions. Export credit agencies and international banks are expected to commence their appraisal of the Nabucco project soon after the IFIs. Commitments from potential lenders are expected to be sought in 2011.

Nabucco is expected to connect directly the world’s richest gas regions – the Caspian region and the Middle East – to the European consumer markets. Thepipeline will link the Eastern border of Turkey to Baumgarten in Austria – one of the most important gas turntables in Central Europe – via BulgariaRomania andHungary.

Nabucco Gas Pipeline International GmbH (NIC) was set up on 24 June 2004 to develop, construct and operate the Nabucco pipeline, and is headquartered in Vienna. NIC is owned by the Nabucco shareholders and is responsible for the development, construction, operation and capacity trading and allocation for theNabucco pipeline.

The Nabucco shareholders are: Bulgarian Energy Holding (Bulgaria), Botas(Turkey), MOL (Hungary), OMV (Austria), RWE (Germany) and Transgaz(Romania), Each shareholder holds an equal share of 16.67% of Nabucco Gas Pipeline International GmbH. The shareholders are responsible for negotiating the gas supply contracts.

Bulgarian Energy Holding EAD is a joint-stock company with a 100% Bulgarian state ownership The structure of the Bulgarian Energy Holding EAD includes seven subsidiaries: Mini Maritsa Iztok EAD, Maritsa East 2 TPP EAD, Kozloduy NPP EAD, NEK EAD, Bulgargaz EAD, Bulgartransgaz EAD and Bulgartel EAD, the capital of which is 100% owned by the Holding. Two of the BEH subsidiaries are working in the field of gas transmission and gas supply. These companies are Bulgartansgaz EAD andBulgargaz EAD.

energia.gr: EIB, EBRD, IFC Consider EUR4B Funding For Nabucco

International investment institutions Monday signed an agreement to start a process that will potentially lead to as much as EUR4 billion of financing for the planned Nabucco natural gas pipeline.

The European Bank for Reconstruction and Development, the European Investment Bank, and the World Bank’s International Finance Corporation signed a letter that “formalizes the conditions under which the three IFIs will conduct their appraisal of the Nabucco project, and provides an indication of the potential level of financing,” the lenders and the Nabucco consortium said in a statement.

The EIB will provide up to EUR2 billion, the EBRD up to EUR1.2 billion and the IFC up to EUR800 million, according to the statement. Under the agreement, the international lenders will make an analysis of the Nabucco project and decide whether to give their financing by the end of next year.

Nabucco is a EUR7.9 billion, 3,300 kilometer long pipeline project that would bring Caspian gas to Austria across Turkey and Central Europe . Strongly supported by the European Commission, the project is seen as a way to ease the bloc’s dependence on imports of Russian gas, which account for around 25% of the European Union’s annual gas supplies.

Nabucco expects to start an open season to seek buyers for its capacity at the end of this year or early in 2011, said the project’s Managing Director Reinhard Mitschek during a press conference after the signature Monday.

The pipeline project has wrestled for years with the problem of how to find reliable gas supplies to fill the expected annual 31 billion cubic meter capacity and ensure the project’s long-term commercial viability.

The most likely first gas supplier would be an offshore Azerbaijani field in the Caspian basin, but competition for that gas is high and it would offer less than 10 billion cubic meters a year.

Another potential gas source is Iraq , but procedural, political and technical hurdles suggest that gas also won’t be available quickly enough.

But Nabucco’s top management said Monday that it counts on about eight billion cubic meters from Azerbaijan and another 10 bcm from Iraq to start up the pipeline, which is expected to carry the first gas in about five years.

“With the gas from Azerbaijan and Iraq we can make Nabucco happen,” said Werner Auli, chairman of the Nabucco Steering Committee.

Austria’s OMV AG (OMV.VI), Germany’s RWE AG (RWE.XE), Turkey’s Botas, Bulgaria’s Bulgarian Energy Holding, Romania’s Transgaz, and Hungary’s MOL Nyrt. (MOL.BU) form the building consortium. Mitschek said Monday that it isn’t seeking other shareholders.

businesseurope.eu: A terminal disagreement between Poland and Germany

ermany is causing a bit of a stink in Central Europe with its decision at the end of August to vote against an €80m EU subsidy toward building a terminal to receive liquefied natural gas (LNG) gas at the port of Swinoujscie near the German border in northwest Poland.

Ostensibly, Germany’s concerns centre on the environmental impact of the LNG terminal, arguing that exhaust fumes from the terminal could pollute the environment on the other side of the border as well, something that would contradict the environmental impact analysis performed by Poland’s state-owned gas transmission system operator, Gaz-System, which owns the terminal operator Polskie LNG. “Our analysis shows that the investment will not have a cross-border impact,” Malgorzata Polkowska, a spokeswoman for Gaz-System, told Polish daily Dziennik Gazeta Prawna.

As is its right under the United Nations Economic Commission for Europe’s “Espoo Convention”, Germany is demanding a cross-border environmental impact study, which, Poland’s deputy finance minister Mikolaj Budzanowski was quoted by newswires as saying on August 30, would invalidate the terminal’s construction permit and the environmental decisions, and delay construction, due to start in September, by at least two to three years.

Perhaps not coincidentally, this review of the potential cross-border impacts under the Espoo Covention is the same means that Poland has used to try to hold up construction of the Russian-German Nord Stream gas pipeline, which is why so many Poles are questioning Berlin’s real motivations for blocking the subsidy.

Nord dream

In January, Gazprom started building the first pumping station at the mouth of the first of two parallel pipes that will run from northwest Russia to Germany, carrying a total of 55bn cubic metres per year (cm/y) of Siberian gas from 2011 into the heart of Europe without having to cross those – in Russia’s view – troublesome transit countries like Ukraine and Poland. This is a big victory for Russia, which was forced to spend more than $130m in surveys and route planning, as well as national environmental-impact assessments in the Baltic Sea region to secure permission to build the Nord Stream undersea pipeline.

However, doubts have already been cast on the economic viability of Nord Stream, which is being built by a consortium of Gazprom, Germany’s E.On and BASF/Wintershall, the Dutch Gasunie and France’s GDF Suez. The cost of building the pipeline has grown from €4.5bn ($6bn) to €7.4bn, at a time when demand for gas in the EU is falling due to the economic downturn (European gas demand fell by around 6.4% in 2009, according to Eurogas) and competition to piped gas is growing from alternative sources such as LNG and unconventional gas.

Hence suspicions amongst Polish analysts and the local press that Germany’s fears are less about the environmental impact and more about the impact the terminal could have on its pipeline.

The Swinoujscie LNG terminal is planned to be operational by 2014 and will have an initial annual capacity of 5bn cm/y of gas (from Qatar, among others), with the possibility of expanding that to 7.5bn cm. Given Poland currently consumes 13bn-14bn cm/y of gas, of which 4bn comes from domestic fields and the rest from Russian imports, in one fell swoop it would become almost wholly independent of Russian gas.

Polish fears about Germany’s real reason for blocking the grant “seem credible and unsurprising given the level of Russian influence in both Berlin and Brussels,” says Marek Matraszek, founding partner of CEC Government Relations in Warsaw. “It is to [Russian Prime Minister Vladimir] Putin that I would look as the ultimate ‘sponsor’ of this initiative.

Even so, analysts say it should prove only a temporary stumbling block for Polskie LNG, which in July signed a €742m contract with a consortium led by Italy’s Saipem to build the terminal. Deputy Finance Minister Budzanowski said Poland has already satisfied the concerns about the environmental impact with the European Commission, which is due to decide on whether to co-finance the LNG terminal by the end of September. In a worst-case scenario, Budzanowski told newswires Poland would consider building the terminal without EU funding.

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