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Nabucco agreement to be signed today in Ankara

2009-07-13 12:09

The signing of Nabucco intergovernmental gas pipeline deal will be held today in Ankara. Energy companies from Turkey, Bulgaria, Romania, Hungary, Austria and Germany are to form a consortium.


The talks aimed at preparation of the final draft started this January assisted by the European Commission, ITAR-TASS reports. In June at the seventh round of negotiations it was unanimously agreed to sign the document.

Government officials and managers of energy companies from the project member states as well as US Special Envoy for Eurasian Energy Richard Morningstar, U.S. Deputy Assistant Secretary of State Matthew Bryza, and European Commissioner for Energy Andris Piebalgs will attend the signing ceremony.

Turkish Ministry of Foreign Affairs highlights that the new gas pipeline draft project is aimed at "contributing to European energy security" and is another step toward Turkey's transformation into "the fourth biggest natural gas transit artery to Europe". "The first step was made in 2007 - when the Turkey-Greece gas interconnector was commissioned". Nabucco will contribute to realization of this goal, diversification of gas sources and its transit facilities and reinforcement of energy security in Eastern Europe", - the statement of the Turkish Foreign Ministry goes.

Nabucco project is estimated at EUR 8 bn with 30% to be recovered by investment opportunities of the consortium member states. The pipeline overall length is 3282 km including feed lines with 1998 km to go across the territory of Turkey. Besides Nabucco system gas pipelines will run across Georgia and Iran. The project's main objective is to transport Caspian and Middle East gas to Austria and other European consumers further on.


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