Signing an inter-governmental agreement on the Nabucco project will be a positive step for Turkey's entrance to the European Union, Prime Minister of Turkey Rajap Tayyip Erdogan said on July 13 in Ankara at the ceremony of signing an inter-governmental agreement on the Nabucco project, CİHAN news agency reported.
"Nabucco is not only energy project, but also will facilitate the convergence of countries, accelerate implementation of other projects. Turkey's participation in this project will help the country in its way towards EU," said Erdogan.
The Nabucco project worth 7.9 billion euro will deliver Azerbaijani and Central Asian gas to the EU by 2014. Construction of the pipeline is expected to begin 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 project on basis of its share.
The remaining 70 percent will be provided by international institutions.