Joint Stock Partnership in Nabucco Project Effective for Azerbaijan: SOCAR’s Ex-President
Azerbaijan, Baku / Trend corr. U.Ismaylova / Azerbaijan's participation in the Nabucco project as shareholders may become an effective step in the liquid gas export to Europe, Sabit Bagirov, the ex-president of the State Oil Company of Azerbaijan (SOCAR) and present head of the Fund of Assistance to Entrepreneurship and Market Economy Development, said.
As Azerbaijan gradually becomes a participant in the process, it may have the right to influence, put forward proposals and information, Bagirov said. The Azerbaijan Industry and Energy Minister, Natik Aliyev, stated that SOCAR has already been invited to become a shareholder of the Nabucco project. OMV is the operator of Nabucco with a 20% share.
With a length of 4,000km, the Nabucco gas pipeline will ensure gas delivery via the Mediterranean and Caspian Sea to Europe via Azerbaijan, Georgia, Tbilisi, Turkey, Bulgaria, Hungary, Romania, and Austria. Operation of the gas pipeline will commence in 2011. The project is estimated at €5bln. Nabucco is developed by the companies of OMV, MOL ( Hungary), Botas ( Turkey), Bulgargaz ( Bulgaria) and Transgaz ( Romania).
The Nabucco gas pipeline will be commissioned in 2011 And the project will cost € 5bln.
The EU does not support unprofitable projects. In this case EU provides serious support, on a political level, everything is attached to the implementation of the project, Bagirov said.