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RWE enters Nabucco consortium

Minister of Economy and Finance Varujan Vosganian will participate on Tuesday, at Vienna, in the official signing of the contract under which German company RWE becomes the 6th partner of the Nabucco consortium.

The signing ceremony will be attended by the relevant ministers from Austria, Bulgaria, Romania, Turkey, delegate ministers from Germany and Hungary and the European coordinator of the Nabucco project, Joazis Van Aartsen. The Nabucco project was started by five relevant companies - Botas of Turkey, Bulgargaz of Bulgaria, Transgaz of Romania, MOL of Hungary and OMV Erdgas of Austria, with the purpose to connect and capitalize on the promising natural gas reserves in Caspian Sea and the Middle East with the European markets. The five companies signed on 11 October 2002, at Vienna, a cooperation accord on the establishment of a 'Consortium' in view of drawing up a 'Feasibility Study' on creating a completely new transport route of natural gas from the Caspian Sea and the Middle East, by building a pipeline on the territory of the five countries, which will start at Turkey's borders with Georgia and Iran, and will end at the Baumgarten knot in Austria (important knot that collects the Russian gas that is transited to Western Europe. Moreover, connection also other gas sources available in the area (Syria, Iraq, Egypt). The importance of this project has been admitted also by the EU bodies, through the European Commission's including it in the TEN (Trans European Networks) programme, on the list of priority projects. This inclusion entails also the European Commission's financing by 50% the study, with the remainder of funds to come from the own funds of the five companies. Around Europe, there are sufficient sources to cover the forecast demand for gas in Europe in the next decades, but there are not enough possibilities to transport these volumes of natural gas to the European markets. Moreover, due to the fact that for certain regions in the central area of Western Europe and the Balkans, the distance from the Caspian Sea is shorter than versus other sources (mainly Russia), Nabucco is considered a competitive project in this sense. These results indicate a possible transportable volume of 8bn cubic centimeters in 2011 and a gradual increase to volumes of 25 - 31bn cubic meters in 2020. The total length of the pipeline, including the fueling pipes, stands at some 3,400 km. The total investment is estimated at 4.4bn euros. The building of the construction should start in 2008/2009, and the first gas transport may occur in 2012. Sursa: http://www.rompress.ro

Tags: european nabucco

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