Austria to ratify inter-governmental agreement on Nabucco by end of year
Azerbaijan, Baku, November 5 / Trend , A.Badalova /
Nabucco Gas Pipeline International Marketing Company expects the inter-governmental agreement on the Nabucco gas pipeline project to be ratified by Austria by the end of this year, the company said on Nov. 5.
The inter-governmental agreement on the project, signed in Ankara on Oct. 20, was ratified by the Hungarian Parliament.
The intergovernmental agreement on the Nabucco project was signed on July 13 by five transit countries for gas pipeline project - Austria, Hungary, Bulgaria, Romania and Turkey.
The Nabucco project worth 7.9 billion euro will deliver Azerbaijani and Central Asian gas to the EU. Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.67 percent each.Construction of the pipeline is expected to begin in 2011 and the first supplies - in 2014. Its maximum capacity will be 31 billion cubic meters per year. An investment solution on the project will be made in the first quarter of 2010. 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.
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