TURKISH PREMIER APPROVES GERMAN COMPANY’S PARTICIPATION IN NABUCCO PROJECT

23.01.2008 [16:23]
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AZERTAC`s Ankara-based correspondent reports citing Turkish Prime Minister`s press service, that Premier Recep Tayyip Erdogan has signed a document approving participation of German energy company RWE as a sixth partner in the EU-supported Nabucco project. The issue of the French company Gas de France` joining the project as a seventh stakeholder in the pipeline is now under consideration.

The pipeline is of great importance in terms of diversification of gas supply routes to ensure energy security of Europe. It will yearly transport up to 31 billion cubic meters of natural gas from the Caspian basin, Middle East and Egypt to European countries. Construction of Nabucco pipeline will cost around $5 billion.

The project is developed by the Nabucco Gas Pipeline International GmbH, established in 2004 in Vienna.

The shareholders of the company are OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgargaz (Bulgaria) and BOTAS (Turkey).

ECONOMY

TURKISH PREMIER APPROVES GERMAN COMPANY’S PARTICIPATION IN NABUCCO PROJECT

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