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Peter Olajos: â€œHungary, as a chairman country in EU will make all necessary efforts in the start of â€œNabuccoâ€ projectâ€

25 February 2011 12:30 (UTC +04:00)

Baku. Ali Ahmadov â€“ APA-Economics. â€œHungary, as a chairman country in EU will make all necessary efforts in the start of â€œNabuccoâ€ project and making more achievement on itâ€, said Deputy Secretary of the Hungarian Ministry of National Economy Peter Olajos, â€œAPA-Economicsâ€ reports.

He attended the Azerbaijan-Hungary business meeting which is held in Baku and said that Hungary imports 100% of oil and 80% of gas that it uses: â€œwe depend on Russia on this issue and we support the alternative ways including â€œNabuccoâ€ projectâ€.

Note that, The Nabucco pipeline (also referred as Turkeyâ€“Austria gas pipeline) is a proposed natural gas pipeline from Erzurum in Turkey to Baumgarten an der March in Austria diversifying natural gas suppliers and delivery routes for Europe. The pipeline attempts to lessen European dependence on Russian energy. The project is backed by several European Union states and the United States and is seen as rival to the Gazprom-led South Stream pipeline project. At the same time, there are some doubts concerning viability of supplies. The main supplier is expected to be Iraq in cooperation with Azerbaijan, Turkmenistan, and possibly Egypt. The shareholders of the company are: OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgargaz (Bulgaria), BOTAÅž (Turkey), RWE (Germany).

Preparations for the Nabucco project started in 2002 and the intergovernmental agreement between Turkey, Romania, Bulgaria, Hungary and Austria was signed on 13 July 2009. The project is developed by the consortium of six companies. The final investment decision is scheduled to be made in 2011. If built, the pipeline is expected to be operational by 2015 and it will carry 31 billion cubic meters of natural gas per year.