Nabucco to be filled easily: project's official

Austrian OMV and Hungarian MOL, which are shareholders of the Nabucco project, purchased a total of 20 per cent of shares of Iraq's natural gas company Pearl Petroleum to increase gas production in northern Iraq. The cost of the projects amounts to $8 billion. The Arab Dana
Gas and Crescent Petroleum, which in equal parts with Pearl Petroleum, performed as sellers.

This shows the determination of the shareholders to realize the project, Dolezal said.

The Nabucco pipeline will be filled easily. Nabucco is a multi sourcing project and will not have to rely on one single source alone.

But the development phase of Nabucco steps forward as planned and the shareholders are very successfully in their acquisitions - RWE has entered into a long-term energy partnership with Turkmenistan covering the fields of upstream and gas deliveries to Turkey and Europe.
Together with considerable quantities from Shah Deniz II and Egypt Nabucco can be filled easily.

The Nabucco project worth $7.9 billion euro will deliver Azerbaijani and Central Asian gas to the EU. Construction of the pipeline is expected to commence in 2011. Its maximum capacity will be 31 billion cubic meters per year. Nabucco shareholders are the Austrian OMV,
Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.7 percent each.

/Trend Capital/