NEW AGREEMENT ON NABUCCO GAS PIPELINE CONSTRUCTION TO BE SIGNED IN ANKARA

Baku, August 5 (AZERTAC). A new agreement on Nabucco gas pipeline construction is expected to be signed in Ankara in the near future, Turkish media reports.

The document will be signed by ministers of the project`s participant countries - Turkey, Hungary, Austria, Romania and Bulgaria.

The Nabucco 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.

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 will be made late 2010. If built, the pipeline is expected to be operational by 2015 and will transport 31 billion cubic meters of natural gas per year.