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European Commission: Current economic situation hampers seeking investments for Nabucco

Oil&Gas Materials 24 November 2011 17:43 (UTC +04:00)
Current economic situation in the world hampers finding investments for such infrastructure projects as “Nabucco”

Azerbaijan, Baku, Nov.24 / Trend V. Zhavoronkova/

Current economic situation in the world hampers finding investments for such infrastructure projects as "Nabucco", European Commission Energy Department said.

"It is clear that in the overall economic situation it is not easy to find the investments [for Nabucco] compared with the situation that it was before," Marlene Holzner, spokesperson to the EU Energy Commissioner Guenther Oettinger told Trend over telephone from Brussels

The Nabucco is not the project that is funded by the public budget, it will be financed by the project companies, she added.

Moreover, according to Holzner, the European Union's position in this regard remains the same.

"The EU still wants to import gas from the Caspian Sea, Azerbaijan and Turkmenistan to diversify its sources and that is our strategy that we call Southern Gas Corridor," she stressed.

Nabucco is one of the Southern Gas Corridor projects in addition to TAP and ITGI, and at present EU has no influence on Azerbaijan, which decides to which project to supply the gas, Holzner believes.

"For us the aim is clear - we would like to have the substantial amount of gas from the Caspian region, and diversify our gas sources," she said. "But now it is up to Azerbaijan and the consortium to decide," she added.

The South Corridor is a priority EU project diversifying energy supply routes and sources and increasing security. The Corridor includes the Nabucco gas pipeline and the TAP and ITGI (Turkey-Greece-Italy pipeline). Gas produced within the second phase of the Azerbaijani Shah Deniz Field is considered to be the main source for these projects.

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