DIRECTORS OF NABUCCO AND WHITE STREAM BRITISH COMPANY TO VISIT BAKU

/PanARMENIAN.Net/
01.06.2009 16:09 GMT+04:00

/PanARMENIAN.Net/ Nabucco Managing Director Reinhard Mitschek and
White Stream Pipeline Company Director Roberto Pirani will arrive in
Baku to participate in International Caspian Oil and Gas Exhibition.

Euro 7,9 billion project, Nabucco gas pipeline, (with maximum capacity:
31 billion cubic meters a year), will deliver gas from the Caspian
region to Europe. Nabucco’s shareholders are Austria’s OMV, Hungary’s
MOL, Romania’s Transgaz, Bulgaria’s Bulgargaz, Turkey’s Botas and
Germany’s RWE.

In accordance with White stream project, gas from Azerbaijan’s
Shakh-Deniz Caspian Sea field will be delivered through Georgia to
Ukraine and EU states.

In the first phase, the initial pipeline carrying capacity will
comprise 8 billion cubic meters of gas daily. In this case, the gas
will be exported from Azeri Shakh Deniz gas field. Later, the "white
stream" will be connected to Transcaspian gas pipeline. The second
line will be laid down the Caspian Sea, to increase annual pipeline
capacity up to 24-32 billion cubic meters of gas.

According to Azeri Minister of Energetic Natic Aliev, "Despite
the abundance of different gas export projects – Russian, Iranian
directions, White stream, Nabucco, Turkey-Greece-Italy, strategically
we’re considering one main direction while diversifying transfers."

"It doesn’t matter what market the gas will be delivered to. Long term
perspectives of purchase are of major importance, as well as stable
financial possibilities of consumers. Considering International
financial institutions’ forecasts, Europe can become an eligible
market for Azerbaijan," The Minister stated.

Azerbaijan has already been exporting gas to Georgia, Turkey, and
conducting swap operations with Iran. Negotiations are held with Russia
over annual export of 1,5 billon cubic meters of gas to Dagestan,
as well as purchase of gas at market prices from the second phase of
Azerbaijan’s Shakh-Deniz Caspian Sea field.

"A decision to launch the second phase of Azerbaijan’s Shakh-Deniz
Caspian Sea field will be passed within nearest future," Natic Aliev
stated, adding that the decision depends on gas purchases from the
second phase.

Touching on Nabucco implementation perspectives, the minister
complained about West’s lack of interest to this project.

Nabucco pipeline construction project was officially presented in
March 2-9 in Sophia.