Summit on prospects of Nabucco gas pipeline underway in Hungary

Hungary, Budapest, Jan. 27/ Trend , A. Badalova, N. Popova/ The summit on prospects of Nabucco pipeline, which aims to diversify energy supply sources for Europe, started in Hungary on Jan. 27. The summit has been initiated by Hungarian Prime Minister Ferenc Gyurcsany.

The representatives of the project participant countries who will attend the summit include Federal Minister of Economics of and Labour of Austria Reinhold Mitterlehner, Minister of Economy of Romania Adriean Videanu, Bulgarian PM Sergei Stanishev, Minister of Energy and Natural Resources of Turkey Hilmi Guler and State Secretary of the Federal Ministry of Economics of Germany Bernd Pfaffenbach.

The source countries will be represented by President of Azerbaijan Ilham Aliyev, Executive State Secretary and Ministry of Energy and Natural Resources of Kazakhstan Ascar Batalov, Director of the State Agency for Management and Use of Hydrocarbon Resources at the President of Turkmenistan Yagshygeldy Kakayev, State Secretary and Ministry of Oil of Iraq Motasam Keek and Minister of Petroleum of Egypt Sameh Fahmy.

First Vice Prime Minister and Minister of Finance of Georgia Nika Gilauri, representative of the Nabucco transit country, will also attend the summit.

The summit participants also include U.S. Deputy Assistant Secretary of State Matthew Bryza, Czech Prime Minister Mirek Topolonek, EU Energy Commissioner Andris Piebalgs, EBRD President Thomas Mirow, President of the European Investment Bank Philippe Maystadt and Managing Director of Nabucco International Pipeline Reinhard Mitschek.

Mitschek said the summit aims to discuss and define schedule for further implementation of the project.

Hungarian Prime Minister Ferenc Gyurcsany said his interview with the Hungarian telegraph agency that one of the key subjects of discussions at the summit is search for finance sources. There are real chances to address investment problem in an effort to realize the project this year so that to launch construction of the gas line in future if the EU displays enough initiative.

The Nabucco project worth €7.9 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.

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