Energy producing, consuming and transit countries need to strengthen partnership: Declaration of the Budapest Nabucco Summit
Azerbaijan, Baku, Jan. 29/ Trend , A. Badalova/ Underlining that the growing interdependence between energy producing, consuming and transit countries requires a strengthened partnership among all stakeholders with a view to enhancing energy security, according to the Declaration of the Budapest Nabucco Summit held on Jan. 27.
Attaching great importance to the diversification of hydrocarbon sources, markets and routes of delivery based on the principles of market economy, transparency, reliability, predictability, free competition and mutual benefits, as well as to the uninterrupted and secure supply of natural gas for the domestic markets of all countries at competitive prices and conditions, according to the document posted on the Nabucco Gas Pipeline International's website.
Emphasising, against the background of growing energy supply concerns in the transit and consumer countries, the viability of additional energy supply projects, complementing deliveries from existing routes and suppliers, the Declaration said.
Aware of the necessity to create a new energy corridor (the Southern Energy Corridor) linking the European Union, Turkey and Georgia to the Caspian Sea region and the Middle East, the document said.
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.