Common use of THE NABUCCO PROJECT Clause in Contracts

THE NABUCCO PROJECT. 1.1 The States Parties shall lend their full political support for, and undertake to promote, support and facilitate the measures necessary for the realisation of the Nabucco Project and the Transportation thereby of Natural Gas in and across their Territories. The States Parties shall endeavour to ensure the full co-operation of all other relevant authorities within their Territory and take all actions necessary to enable the aforesaid to be undertaken. 1.2 The States Parties acknowledge the importance to each State Party that companies have the means of procuring sufficient supplies of Natural Gas on commercial terms for the purposes of assuring security of supply, and recognise that this is necessary for the welfare and security of each citizen and that States Parties are therefore determined to act in a spirit of solidarity to achieve collective energy security; and note that such solidarity constitutes an answer to the challenges with regard to energy supply security and thus resolving to address in particular the Republic of Turkey’s concerns in this area. In the event of disruption of Natural Gas supply affecting a State Party and involving another State Party or a third country, the States Parties shall seek an expeditious resolution in accordance with the provisions of the Agreement. 1.3 The Nabucco Project, hereinafter ‘the Nabucco Project' or ‘the Project', shall mean the “Nabucco Pipeline System”, as the expressly constructed Natural Gas Pipeline system, including attendant Facilities, that shall connect the Initial Entry Points to Xxxxxxxxxx in the Republic of Austria, including the development, evaluation, design, acquisition, construction, installation, financing, insuring, ownership, operation, commercial exploitation, repair, replacement, refurbishment, maintenance, expansion, extension, protection, decommissioning, and activities associated or incidental thereto, all in respect of the Nabucco Project. The Nabucco Project is situated in the Territories of the States Parties, and has a final maximum Transportation capacity of 31 billion cubic meters per year along its entire length. The Nabucco Project will be constructed, owned and operated, in accordance with the Agreement, the Project Support Agreements, and contracts governed by private law concluded between the Nabucco International Company and the Nabucco National Companies or by any of these companies inter se or with third parties.