Tuesday, August 7, 2007, #149 (1416)

Six companies to participate in Nabucco project

German energy outfit RWE AG is the sixth company to be involved in the Nabucco natural gas pipeline project, announced the Turkish Ministry of Energy. RWE AG joins Austrian OMV, Hungarian MOL, Turkish BOTAS, Bulgarian Bulgargaz and Romanian Transgaz, according to the news agency Regnum.

The Nabucco pipeline will transport natural gas 3 300 kilometers from Caspian reserves to Europe via Austria, Bulgaria, Romania, Hungary and Turkey, where it will connect with the South Caucasus gas pipeline running through Georgia and Azerbaijan. Construction is scheduled to begin in 2009, at an estimated total cost of EUR 4.5 billion. Assuming no construction problems, the pipeline will start transporting 4.5 billion cubic meters of natural gas annually from 2012, eventually ramping up to 31 billion cubic meters of gas yearly.

Meanwhile, in mid-July Iran and Turkey signed a memorandum of intentions on the possible transit of gas from Iran and Turkmenistan to Europe via Turkey.


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