Nabucco agreement could be signed by end of June

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Tuesday 8:35, May 12th, 2009

An intergovernment agreement on the Nabucco project could be signed by the end of June, allowing the start of talks on financing with banks and members of the consortium of companies that want to build the gas pipeline, Hungary's Nabucco envoy Mihály Bayer told MTI.

“We have held many talks since the Nabucco summit [in Budapest at the end of January]. Basically, we have come to a relatively clear text, and there are just a few questions, which the experts must clear up. I believe this can be solved relatively quickly,” Bayer said.

The talks could be closed in just a few weeks; the agreement depends only on Turkey, Bayer said. Turkey recently reiterated its commitment to the project, he added.

Speaking about possible sources of supply for the pipeline, Bayer said Azerbaijan has told its European partners it is interested in the Nabucco project. But this requires an agreement on deliveries between Azerbaijan and Turkey. The parties will discuss the matter this week, he added.

It appears that Iraq also wants to deliver through the Nabucco, a possibility, that could be mentioned in the intergovernment agreement, Bayer said.

The Nabucco pipeline would bring gas from Central Asia to Europe, reducing the region energy dependence on Russia. (MTI – Econews)