NABUCCO project issues

Managing Director of the NABUCCO project Reinhardt Mitschek stated in Baku on June 23 that negotiations are underway with banks and international financial institutions concerning the fulfillment of the project. He said that a final decision will be made by the end of 2010 and a major agreement with Azerbaijan will be signed.

Mitschek stated that construction of the pipeline will start in 2011 and the first gas will pass through it in 2014. He added that positive signals have been received with Turkmenistan and Iran as well, meaning NABUCCO will receive gas from the different sources.

Mitschek added that the already concluded agreement between Turkey and Azerbaijan will further facilitate the positive development of the NABUCCO project. He also stated that Caspian countries can supply the NABUCCO pipeline with a sufficient amount of natural gas.