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Law on ratification of Nabucco Project Support Agreement promulgated by President Traian Basescu
Nabucco Project Support Agreement between Romania, Nabucco Gas Pipeline International GMBH and Nabucco Gas Piepline Romania.
According to a release of the Presidential Administration, Traian Basescu signed on Thursday the decree 'of promulgation of the Law on ratification of the Project Support Agreement between Romania, Nabucco Gas Pipeline International GMBH and Nabucco Gas Pipeline Romania SRL referring to the Nabucco pipeline system, that was signed in Kayseri, on June 8, 2011.'
The Agreement includes provisions related to the obligations of the state to cooperate with the International Nabucco Company and the National Nabucco Company for the implementation of the project, as well as provisions referring to the access of third parties and exemptions from the provisions of the European Directive on natural gas No. 55/2003, environment protection, technical standards, contractual liability, settlement of disputes, applicable law.
In respect to aspects related to taxes and duties, the support agreement stipulates the possibility of negotiation and also of concluding separate agreements, including an agreement to settle the transfer pricing between the relevant authorities of the participating states and also between these and the International Nabucco Company and the National Nabucco Companies.
As regards the rights over land, the state will support the National Nabucco Company to buy and exercise its rights over land, on condition that the National Nabucco Company bears all costs and expenses incurred for the acquisition of rights over land.
The Romanian Ministry of Economy will be the one to supervise and coordinate the implementation of the project support agreement on behalf of Romania.