Baku, January 27 (AZERTAC). Energy Summit on Nabucco project opened in Budapest, Hungary on Tuesday. The summit brings together President of Azerbaijan Ilham Aliyev, Prime Ministers of Hungary, the Czech Republic and Bulgaria, delegates from Georgia, Austria, Romania, Egypt, Turkey, Turkmenistan, Germany, Iraq, the United States as well as representatives of the European Union, the European Investment Bank and the European Bank for Reconstruction and Development.

The Nabucco is a planned gas pipeline that will transport natural gas from the Caspian region, Central Asia and Middle East to member states of the European Union.

The project is developed by the Nabucco Gas Pipeline International GmbH. Shareholders in the Nabucco consortium are OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgargaz (Bulgaria), BOTAŞ (Turkey) and RWE (Germany) companies.

Construction of pipeline is expected to begin in 2010 and is planned to be finished in 2014. It estimated to cost around $10-12 billion.

President of Azerbaijan Ilham Aliyev made a speech at the Summit.

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