European Commission studying framework for creation of bulk purchasing arrangement to buy gas from Caspian Basin
Azerbaijan, Baku, Jan. 21 / Trend , A.Ismayilova/
The European Commission (EC) is preparing together with the World Bank and the European Investment Bank (EIB) the launching of a study on the financial and technical framework for the creation of a bulk purchasing arrangement aiming at buying a large volume of gas from the Caspian Basin (Turkmenistan in the first place).
The study on this joint venture called Caspian Development Cooperation CDC, should be finished this summer and the project launched thereafter, EU told Trend .
The commission is now mediating the negotiations between the four Nabucco Member States and Turkey on an intergovernmental agreement. The negotiations start on Jan. 22.
The Nabucco project worth $12.4 billion will deliver Azerbaijani and Central Asian gas to the EU. Construction of the pipeline is expected to commence in 2010. Its maximum capacity will be 31 billion cubic meters per year.
Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.7 percent each.
The Czech Republic, presiding over the EU, initiated to hold a summit in Budapest on Jan. 26-27 to discuss the Nabucco prospects. The signing of the intergovernmental agreement is expected to take place in the first quarter of 2009.
A.Badalova contributed to the news.
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