Nabucco is a crucial project as a backbone of the market-official
Posted by meb at March 12th, 2009
The Nabucco pipeline project is crucial as being the backbone of the market, said the project’s CEO Reinhard Mitschek on Thursday.
Europe and Turkey are becoming increasingly dependent on foreign sources of energy as consumption increases, Mitschek said at the 8th Turkey International Oil and Gas Conference in Ankara, adding that the 8 billion euro estimated worth of the project would also contribute to the growth of the Turkish economy, the Anatolian Agency reported.
“We expect the first gas flow under the Nabucco project to take place in 2014,” he was quoted as saying by the agency.
Turkey has an “excellent” strategic position, and must increase the number of gas storage facilities it possesses within the framework of the project, he also said.
The Nabucco pipeline, planned to carry 30 billion cubic meters (bcm) of Caspian or Middle Eastern gas annually to an Austrian hub via Turkey, is seen as one of Europe’s best hopes for limiting its dependence on Russian gas.
The project has been plagued by delays over investment decisions, changes in EU law, disputes between consortium members and the questions on the source of supplies.
Nabucco’s shareholders are Austria’s OMV, Hungary’s MOL, Romania’s Transgaz, Bulgaria’s Bulgargaz, Turkey’s Botas and Germany’s RWE.
source: Hurriyet daily news
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