Minister of industry and energy of Azerbaijan to attend ceremony of signing agreement on Nabucco project
Azerbaijan, Baku, July 10 / Trend /
Minister of Industry and Energy of Azerbaijan Natik Aliyev will take part in the ceremony of signing an agreement on Nabucco gas pipeline, which will be held on July 13 in Turkey, the head of the press service of the Ministry Azer Mensimli said on July 10.
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 2011. 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 Nabucco Gas Pipeline International will invest 30 percent of the total cost of the project and the rest 70 percent will be invested owing to loans.