Nabucco Gas Pipeline International GmbH Managing Director Reinhard Mitschek stated, “We are confident that Nabucco offers the best export route for gas from Azerbaijan and from other sources. Political support and stability has been granted by a treaty with a duration of 50 years signed by all five transit countries as well as by bilateral project support agreements.”

The Shah Deniz gas field is located in the Caspian Sea, 70 km southeast of Baku, and is operated by BP with project participants including Statoil, Lukoil, State Oil Company of Azerbaijan Republic, NICO, Total and Turkish Petroleum.

In addition, German company Bayerngas has expressed interest in becoming one of the Nabucco shareholders. Negotiations with the six current shareholders will begin immediately to determine the future share split within the consortium.

Mr Mitschek said “A strong downstream market is an important asset for the pipeline and something that a new shareholder such as Bayerngas will be able to strengthen. The Nabucco consortium is open to new shareholders as the project enters a new advanced phase.”

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OMV Chief Executive Officer Gerhard Roiss added “Germany especially will have a growing need for natural gas in view of the decision to phase out nuclear energy and sinking domestic production in Europe, and Nabucco will meet this need.”

The 3,900 km, 56 inch diameter Nabucco pipeline will link the Eastern border of Turkey to Baumgarten in Austria via Bulgaria, Romania and Hungary. Its shareholders include OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgarian Energy Holding (Bulgaria), Botas (Turkey) and RWE (Germany). Each shareholder holds an equal 16.67 per cent share in Nabucco Gas Pipeline International GmbH.