Azerbaijan, Egypt to discuss energy cooperation
Azerbaijan, Baku, July 5 / Trend E.Ismayilov /
Azerbaijan and Egypt will discuss energy cooperation Wednesday in Baku, Azerbaijani Industry and Energy Ministry spokesman Azer Mansimli said today.
An Egyptian delegation led by Oil Minister Amin Samih Samir Fahmi will arrive in Baku July 7. The delegation will include senior ministry representatives and Egyptian Natural Gas Company President Mahmoud Latif.
During the visit, the delegation will discuss future cooperation between the energy and economic development ministries and the State Oil Company of Azerbaijan Republic.
Egypt and Azerbaijan are considered possible energy sources for the Nabucco pipeline project.
The Nabucco project is worth 7.9 billion euro. Participants include the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE Each participant has an equal 16.67-percent share. Construction will launch in 2011, with first supplies scheduled for 2014. The pipeline's maximum capacity will be 31 billion cubic meters per year. Nabucco Gas Pipeline International shareholders will invest 30 percent of the project's total cost. The remaining 70 percent will be paid by loans.
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