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India's GAIL interested in Austria-Turkey pipeline |
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State-run gas transporter GAIL (India) Ltd. aims to pick up a stake in a natural gas pipeline project, Nabucco, that will run from Turkey to Austria, as part of India's push to increase its foreign energy interests.
"GAIL has submitted an expression of interest for participation in the project, which the Nabucco company has agreed to evaluate," the Indian company said in a statement issued over the weekend.
If accepted, GAIL will join five other consortium members: state-owned Turkish pipeline company Botas, Bulgaria's Bulgargaz, Romania's Transgaz, Hungary's MOL Natural Gas Transmission Company Ltd. and Austria's OMV Gas GmbH .
GAIL said the consortium expected to decide on its equity partnership by the end of 2005.
The project, Nabucco Company Pipeline Study GmbH, is expected to cost 4.5 billion euros and will begin operations in 2011 with a capacity of 4.5 billion to 13 billion cubic metres a year.
The pipeline will run 3,300 kilometres and its potential gas suppliers are Iran, Azerbaijan, Kazakhstan, Turkmenistan, Egypt, Iraq and Syria.
On June 29, Turkish government said the five firms had signed a joint venture deal in Vienna for the pipeline project. Source: Reuters
23.08.2005
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