Nabucco Gas Pipeline Consortium was set up by the five companies behind the project – Bulgaria’s Bulgargaz, Austria’s OMV, Hungary’s MOL, Turkey’s Botas and Romania’s Transgaz. Nabucco gas pipeline project is designed to carry 30 billion cubic meters of natural gas from Caspian and Middle Eastern region to European markets.
The €5 billion pipeline project has been seen as a way of easing Russia’s hold on Europe’s gas resources. European gas demand is expected to increase sharply in the coming years and depend more on imports, as output from European fields shrinks. The project envisions commissioning of the pipeline in 2011. (en.apa.az)
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