OMV Hopes in Resolution: The Attraction of Investments to NABUCCO Gas Pipeline Project
Azerbaijan, Baku / corr Trend S.Aliyev / Reinhard Mitchik, Managing Director of the Austrian company OMV, stated to the 14th Caspian Oil and Gas Exhibition and Conference on the 7th of June that the issue on the attraction of investments to the NABUCCO gas pipeline project will be resolved by the end of the year. Afterwards it is planned to begin the construction.
NABUCCO gas pipeline with the length of 4,000km will ensure gas delivery via the Mediterranean and Caspian gas to Europe through the territory of Azerbaijan, Georgia, Tbilisi, Turkey, Bulgaria, Hungary, Romania and Austria. The exploitation of the gas pipeline will commence in 2011. The project is estimated at €5bln. NABUCCO is developed by companies Botas ( Turkey), Bulgargaz ( Bulgaria) and Transgaz ( Romania).
Azerbaijan, Turkmenistan, Kazakhstan, Iran, Iraq and Egypt will deliver gas via this route.
"If gas reserves are revealed in the Black Sea they will also be transported via this pipeline," he added.
Mitchek noted that Russia maintains its position at the European gas market. Export via NABUCCO will enable a diversity of gas delivery into Europe and cover the deficit. Now the project is being discussed with the transit countries, which will host the pipeline, gas owners and possible creditors.