The agreements include the joint funding of the development costs of the Nabucco West up to the pipeline selection decision for Shah Deniz’ European export route, as well as granting to potential investors of equity options of 50 per cent to participate as shareholders in Nabucco Gas Pipeline International (NIC)following a positive pipeline selection decision by the Shah Deniz Consortium in favour of Nabucco West.
This agreement is being formalised in an equity option and funding agreement between the Nabucco shareholders, NIC, and the potential investors.
The Shah Deniz Consortium, NIC, and the Nabucco Shareholders have also reached agreement in principle on a co-operation agreement for further development of Nabucco West and alignment with the Shah Deniz Stage 2 Project.
The equity option and funding agreement and the co-operation agreement are being finalised and will be executed shortly in Vienna, Austria, between the relevant parties.
The pipeline selection decision for Shah Deniz’ European export route is expected to be taken by the Shah Deniz Consortium by 30 June 2013.