Managing director: Nabucco welcomes EU initiative towards Trans-Caspian gas pipeline
Baku, September 15 (AZERTAC).Nabucco Gas Pipeline International GmbH welcomes today`s decision by the Council of the European Union to approve the mandate given to the European Commission to negotiate an agreement for the legal framework with Azerbaijan and Turkmenistan for a Trans-Caspian gas pipeline system, the Consortium said.
"This groundbreaking initiative taken by the European commission matches the aim of the Nabucco project to enable the transportation of a broad diversified gas portfolio. Following a multi sourcing approach, Nabucco will not be dependent on the construction of a potential Trans-Caspian pipeline. Nevertheless, it is a fact that the big potential for gas exports on both sides of the Caspian Sea is vital for the future of the European and Turkish gas markets," Nabucco Managing Director ReinhardMitschek said.
He said a large pipeline system established through Nabucco is tailor-made to contribute to export this large gas supply potential for the decades to come.
"Nabucco - the European flagship project - offers the most competitive export route for Caspian gas," he said.
Nabucco envisages gas supplies from the Caspian region and the Middle East to the EU countries. Participants of the project are Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE companies. Each of participants has equal share to the amount of 16.67 percent. The project`s construction is planned to start in 2013. The pipeline`s maximum capacity will hit 31 billion cubic meters per year.
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