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"Nabucco" has little chance of success - Putin

Oil&Gas Materials 9 January 2011 04:21
Russian Prime Minister Vladimir Putin believes that the Nabucco gas pipeline project will have little chance of success compared with Russia's South Stream gas pipeline, Iran`s daily Tehran Times reported citing RIA Novosti.
"Nabucco" has little chance of success - Putin

Azerbaijan, Baku, Jan.9 /Trend/

Russian Prime Minister Vladimir Putin believes that the Nabucco gas pipeline project will have little chance of success compared with Russia's South Stream gas pipeline, Iran`s daily Tehran Times reported citing RIA Novosti.

"Nabucco's major problem is a lack of guaranteed volumes of raw materials and no source to fill this system,"" Putin said.

"Russia will not deliver anything there, Iranian deposits are not explored, and Azerbaijan's volumes are small. Moreover, Azerbaijan has signed a delivery contract with Russia,"" Putin added.

Putin added however that he did not entirely rule out the realization of "Nabucco" , especially if massive investment was forthcoming.

The 7.9 billion euro Nabucco pipeline is part of the EU's effort to diversify its natural gas supplies by bringing up to 31 billion cubic meters of gas annually from the Caspian region to an Austrian hub via Turkey and the Balkans.

"Nabucco" is worth 7.9 billion euro, with its construction planned to start in 2012 and the first supplies to be commissioned in 2015. The project's participants include the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE, each having an equal 16.67 percent share. The pipeline's maximum capacity will hit 31 billion cubic meters per year.

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