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Memoranda on Eastring gas pipeline to be concluded soon: Eustream

Xinhua, March 8, 2015 Adjust font size:

According to spokesman of Slovak gas transmission company Eustream Vahram Chuguryan, memoranda of understanding with countries through which the gas pipeline Eastring is due to pass should be concluded in the near future, reported local news agency TASR on Saturday.

"These documents should contain basic parameters of their future participation in the project," stressed Chuguryan, adding that Eustream has negotiated and will continue to negotiate about the project with all potential partners, investors and official state representatives.

The Slovak government intends to actively support the Eastring project.

"Slovakia should obtain, thanks to this project, a strong position in the context of gas networks in Europe," Economy Minister Pavol Pavlis stated.

According to director-general of Eustream Rastislav Nukovic, funding of Eastring depends on three main sources.

"First of all, it's a consortium of companies involved from the countries concerned, namely Slovakia, Bulgaria, Romania and Hungary. The second funding source could be the European Union, as this project is in complete compliance with the conception and challenges of the European Commission. The third funding source could be commercial banks or the European Investment Bank," expressed Nukovic.

The technical capacity of the pipeline should be 20 billion cubic metres per year in the first phase of the project and as much as 40 billion cubic metres per year in the final phase.

The length of the pipeline, depending on the final decision concerning its route, should be between 744-1,015 km. The cost expected for the first phase should be around 1.14-1.52 billion euros ( 1.24-1.65 billion U.S. dollars). Endit