Azernews.Az

BAKU – The consortium on the Nabucco gas pipeline project has welcomed the signing on Thursday in Baku of a joint declaration on gas supply for Europe between European Commission President Jose Manuel Barroso and Azerbaijani President Ilham Aliyev.

"The joint declaration on strategic gas supplies to Europe is of particular importance as it seals the bond between the EU nations and a close neighbour and strategic partner," said Reinhard Mitschek, Managing Director of Nabucco Gas Pipeline International GmbH.

"Building on the intergovernmental agreement, which was signed by the governments of the Nabucco transit countries in July 2009, the joint declaration serves to pave the way to the full implementation of Nabucco, by providing a firm political basis for gas supply from Azerbaijan."

Mitschek said the joint declaration highlights the importance of the Southern Corridor project, which is "a strong encouraging political signal for producers and gas buyers."

"Nabucco as flagship project is the most advanced pipeline project in the Southern Corridor and is designed to meet the needs of the growing future gas markets."

The declaration commits Azerbaijan to supply Europe with "substantial volumes of gas" to realize the Southern Corridor of pipelines that would bypass Russia. According to the EU office in Baku, Barroso hailed the signing as a "major breakthrough" for the Southern Corridor seeking to reduce Europe's dependence on Russian energy.

Currently, several pipeline projects are competing to create the Southern Corridor. The EU has thrown its weight behind Nabucco, a 3,300-kilometer pipeline proposed by a consortium of firms led by Germany's RWE that could pump up to 31 billion cubic meters of gas a year from Baku all the way to Austria.