Bayerngas sees Nabucco project as best solution to bring Caspian gas to Europe

Oil&Gas Materials 4 May 2012 11:24 (UTC +04:00)

Azerbaijan, Baku, May 3 / Trend A.Badalova/

Germany's Bayerngas considers Nabucco gas pipeline project as the best solution to bring Caspian gas to the European markets.

"It /Nabucco/ would be the best solution to bring gas from the Caspian region to Europe," spokesman for the Munich-based Bayerngas Dirk Barz told Trend over phone on Thursday.

Barz said that Bayerngas is still in talks with Nabucco consortium on becoming a shareholder in the project.

The results of the negotiations are expected this year, Barz said.

In late September, 2011 Nabucco Gas Pipeline International GmbH announced Bayerngas' intention to become the seventh shareholder in the Nabucco project.

Bayerngas GmbH is Germany's largest municipal procurement company of natural gas. Bayerngas purchases natural gas for its customers - public utility companies, regional suppliers and industrial customers - via the European procurement market (2010: approximately 6bcm). Bayerngas is 100 % owned by its customers and, at the same time, active on all value added levels: from gas production to the development of innovative end-customer products for its shareholder customers, six German public utility companies and an Austrian gas supplier.

Nabucco is one of the Southern Gas Corridor projects, designed to transport gas from the Caspian region and Middle East to the European countries. Gas to be produced within the second phase of Azerbaijani Shah Deniz gas field development is considered as the main source for the project.

Nabucco project's current shareholders are Bulgarian Energy Holding, Romanian Transgaz, Turkish Botas, Austrian OMV, German RWE and Hungary's FGSZ. However earlier Hungarian MOL, which is a 100-percent owner of FGSZ stated that it is ready to sell its share in the project because of the uncertainties in Nabucco's gas source and financing issues.