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Nabucco Gas Pipeline International consortium supports Bayerngas companyâ€™s joining the project

30 September 2011 12:40 (UTC +04:00)

According to Nabucco Gas Pipeline International GmbH Company, the talks with the current 6 shareholders on determining of future distribution of shares will be started immediately. The issue on Beyarngas will be discussed at the meeting to be held in Vienna between Austrian Economic Minister Reinhold Mitterlehner and Bavariaâ€™s Economic Minister Martin Zeil, today.

Explaining this issue president of Nabucco Gas Pipeline International GmbH Company Reinhard Mitchek noted that, this process was a great step forward: â€œâ€

Remind 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-Eni 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.

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. If built, the pipeline is expected to be operational by 2017 and it will carry 31 billion cubic metres (1.1 trillion cubic feet) of natural gas per year.