Ashgabat prepares for Turkmen-Austrian business forum

Business Materials 5 March 2010 12:54 (UTC +04:00)

Turkmenistan, Ashgabat, March 5 / Trend , H.Hasanov /

Turkmen-Austrian business forum is planned to be held in Ashgabat April 14, said the official Turkmen sources.

Turkmen President Gurbanguly Berdimuhamedov at the last government meeting stressed that the forthcoming Turkmen-Austrian Forum "is intended to promote to establish efficient business contacts with leading foreign and, in particular, European companies"

In December 2009, Director General of Foreign Economic Relations Department of Austrian Federal Ministry of Economics Johann Sachs said in an interview to the Austrian magazine "Galkynysh. Turkmenistan-Austria" that Turkmenistan has enormous significance for the Nabucco project and the leader of the consortium - the company OMV.  

Nabucco gas pipeline project is worth €7.9 billion. 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. Construction of gas pipeline is planned to be launched in 2011, the first supplies - in 2014. Maximal capacity of the pipeline will hit 31 billion cubic meters per year.  Nabucco Gas Pipeline International shareholders will invest 30 percent of total cost of the project, the rest 70 percent will be paid owing to loans.