Mitschek: Nabucco project robust despite shareholder changes
The Nabucco Gas Pipeline project is robust despite changes in the shareholder structure, Managing Director of the Nabucco Gas Pipeline GmbH, Reinhard Mitschek, said addressing the 2012 Frankfurt Gas Forum, Trend news agency reported.
"In my eyes, there is no reason to doubt Nabucco´s success. As in every project, there are remaining risks. But we established a risk management, identified potential threats, and we are working on them. For me, there is no doubt that the Shah Deniz consortium will decide on Nabucco in June next year," he said.
Earlier it was reported that German RWE may quit Nabucco West and sell its stake in the project to OMV.
"Of course, we regret that RWE decided to quit. But the project is robust despite changes in the shareholder structure. We are on track and will finish the project according to our timeline," he said.
According to Mitschek, the Nabucco pipeline is able to transmit up to 23 bcm/a.
"The volume of gas production in Azerbaijan will increase to 20
bcm/a by 2015 and up to 40-50 bcm/a by 2025. So we are confident to
receive enough gas to meet Europe´s demand. Most of all, we are
convinced that Nabucco will be profitable," Mitschek
underlined.
He said for Azerbaijan, Europe is an important market and a
reliable partner.
In June the consortium of Azerbaijani Shah Deniz gas field development chose Nabucco West as the single pipeline option for the potential export of Shah Deniz Stage 2 gas to Central Europe.
Nabucco-West envisages the construction of 1,300 km of pipeline (Bulgaria: 412 km, Romania 469 km, Hungary 384 km, Austria 47 km) from the Turkish-Bulgarian border to the Austrian Baumgarten. Shareholders include Austrian OMV, Hungarian FGSZ, Bulgarian Bulgargaz, Romanian Transgaz, Botas of Turkey and Germany's RWE.
The consortium of Azerbaijani Shah Deniz gas field development plans to make its selection between Nabucco West and Trans Adriatic Pipeline (TAP) in 2013.