Economy

Nabucco gas pipeline agreement signed

Turkey, Austria, Bulgaria, Hungary and Romania signed an intergovernmental agreement on the construction of the Nabucco gas pipeline in Ankara today. A new gas pipeline will pass through the territories of these countries.

Turkey refused its requirement to receive 15% of gas from Nabucco at preferential prices, which was one of the main obstacles to concluding an intergovernmental agreement. In return, Turkey secured the right of future access to European gas reserves through Nabucco.

The new gas pipeline should ensure gas supplies to Europe from the Middle East and Central Asia, bypassing Russia. Turkmen President Gurbanguly Berdimuhamedov announced his readiness to supply gas to Europe via the Nabucco pipeline the day before. At the same time, the Iraqi government said it did not yet have the necessary gas volumes for this pipeline.

The consortium for the construction of Nabucco includes Austrian OMV, German RWE, Hungarian MOL, Romanian Transgaz, Bulgarian Bulgargaz and Turkish Botas. The planned capacity of the pipeline is 32 billion cubic meters. m of gas per year, length – 3300 km, the estimated cost of the project is estimated at $ 12 billion. The first phase of construction will begin in 2010 and includes laying a pipeline of 2 thousand km between Turkey and Austria. The construction of the gas pipeline is expected to be completed by 2014.

Black Day “South Stream”

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