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Washington-based analyst Edward Chow: â€œNabucco has additional challengesâ€ - EXCLUSIVE

Washington-based analyst Edward Chow: â€œNabucco has additional challengesâ€ - <font color=red> EXCLUSIVE</font>

29 January 2010 08:31 (UTC +04:00)

Washington. Isabel Levine â€“ APA. â€œNabucco has additional challenges. There is no single European gas market, nor a single European position on diversification of supply. Western Europeâ€™s gas supply position is fundamentally different from Central and Eastern Europeâ€™sâ€ told APAâ€™s Washington correspondent Edward C. Chow, energy analyst at Center for Strategic and International Studies in Washington DC.
Speaking about the Turkish and Azerbaijani mediaâ€™s information quoting the head of the NABUCO project say it is possible that NABUCO will be dismissed, US analyst said:

â€œThe Nabucco project has very aggressive targets for 2010. What Nabucco partners will do if they fail to meet all their milestones? Projects of this scale often take a long time to mature, which should not surprise anybodyâ€.
According to him, the only new gas supply source identified is the second stage of Shah Deniz, all the others are only potential supplies in the distant future.
Analyst also mentioned that, what needs to be addressed first are further development of gas resources, especially in Azerbaijan; transit and supply agreements with Turkey; and how to move more gas west of Istanbul, initially to Southeastern Europe where the need for diversification of supply is great. â€œMore ambitious plans will take more timeâ€.
Answering the question does that mean Europe lost to Russia and will depend on its energy resources again, Mr. Chow stressed that, Europe is importing a lot less Russian gas because of the economic downturn and availability of cheaper spot LNG.
â€œRussian gas production has dropped below U.S. No one is winning. However, there is now more time to decide what is the best future pathâ€- he said.