Azerbaijan to be major supplier for Nabucco gas pipeline

Chief Executive Wolfgang Ruttenstorfer told business daily Kommersant that Europe would need both Nabucco and rival Russian pipelines South Stream and Nord Stream as it would need to import an additional 150 bcm by the end of the next decade, Reuters reported.

"I think the risk for Russia of losing its positions in Europe because of this project (Nabucco) is close to zero. The projects pursue different business models and will have different sources and customers," he told Kommersant.

Ruttenstorfer said he hoped Azerbaijan and Iraq would supply 7-8 bcm per year each while Egypt would add 1-2 bcm a year.

"The situation in Iran is not stable today and we need to see how it unfolds. So far I see no light at the end of the tunnel," Ruttenstorfer said.

The Nabucco pipeline is a planned natural gas pipeline that will transport the Caspian natural gas from Turkey to Austria, via Bulgaria, Romania, and Hungary. OMV of Austria, MOL of Hungary, Bulgargaz of Bulgaria, Transgaz of Romania, RWE of Germany and BOTAŞ of Turkey joined Nabucco Gas Pipeline International GmbH consortium. Total investment coast of the project was increased recently from 4.6 billion euro to 7.9 billion euro (12.3 billion USD).

/APA/