AGL 38.02 Increased By ▲ 0.08 (0.21%)
AIRLINK 197.36 Increased By ▲ 3.45 (1.78%)
BOP 9.54 Increased By ▲ 0.22 (2.36%)
CNERGY 5.91 Increased By ▲ 0.07 (1.2%)
DCL 8.82 Increased By ▲ 0.14 (1.61%)
DFML 35.74 Decreased By ▼ -0.72 (-1.97%)
DGKC 96.86 Increased By ▲ 4.32 (4.67%)
FCCL 35.25 Increased By ▲ 1.28 (3.77%)
FFBL 88.94 Increased By ▲ 6.64 (8.07%)
FFL 13.17 Increased By ▲ 0.42 (3.29%)
HUBC 127.55 Increased By ▲ 6.94 (5.75%)
HUMNL 13.50 Decreased By ▼ -0.10 (-0.74%)
KEL 5.32 Increased By ▲ 0.10 (1.92%)
KOSM 7.00 Increased By ▲ 0.48 (7.36%)
MLCF 44.70 Increased By ▲ 2.59 (6.15%)
NBP 61.42 Increased By ▲ 1.61 (2.69%)
OGDC 214.67 Increased By ▲ 3.50 (1.66%)
PAEL 38.79 Increased By ▲ 1.21 (3.22%)
PIBTL 8.25 Increased By ▲ 0.18 (2.23%)
PPL 193.08 Increased By ▲ 2.76 (1.45%)
PRL 38.66 Increased By ▲ 0.49 (1.28%)
PTC 25.80 Increased By ▲ 2.35 (10.02%)
SEARL 103.60 Increased By ▲ 5.66 (5.78%)
TELE 8.30 Increased By ▲ 0.08 (0.97%)
TOMCL 35.00 Decreased By ▼ -0.03 (-0.09%)
TPLP 13.30 Decreased By ▼ -0.25 (-1.85%)
TREET 22.16 Decreased By ▼ -0.57 (-2.51%)
TRG 55.59 Increased By ▲ 2.72 (5.14%)
UNITY 32.97 Increased By ▲ 0.01 (0.03%)
WTL 1.60 Increased By ▲ 0.08 (5.26%)
BR100 11,727 Increased By 342.7 (3.01%)
BR30 36,377 Increased By 1165.1 (3.31%)
KSE100 109,513 Increased By 3238.2 (3.05%)
KSE30 34,513 Increased By 1160.1 (3.48%)

nabucco-pipelineVIENNA: The Nabucco pipeline consortium submitted its bid on Saturday to export sought-after Azeri gas and said it was the most viable solution for bringing energy supplies to Europe from the resource-rich Caucasus region.

Nabucco is one of several European pipeline groups vying for the right to export Azerbaijan's gas in a competition which may reshape future gas flows to the continent. Its smaller rivals include the Interconnector Turkey-Greece-Italy (ITGI) and the Trans Adriatic Pipeline (TAP).

Saturday is the deadline for consortia to submit their technical and commercial proposals. Azerbaijan is expected to decide which project to prioritise before the end of 2011.

"We are convinced that Nabucco offers the best way to transport gas from Azerbaijan and other countries," Nabucco Managing Director Reinhard Mitschek said in a statement.

"Nabucco is Europe's flagship project for the Southern Corridor. It is cost-effective and competitive."

He said Nabucco's intergovernmental agreement and project support deals ensured backing for the pipeline.

Some analysts argue that Nabucco's aim of transporting up to 31 billion cubic metres (bcm) of gas a year is too ambitious and point to delays in the project timetable as a sign that it will not get off the ground.

Nabucco is backed by OMV, Germany's RWE, Hungary's MOL , Turkey's Botas, BEH of Bulgaria and Romania's Transgaz , and said on Friday that Germany's Bayerngas also intends to join.

The European Union supports Nabucco as a means of reducing the continent's reliance on Russian energy.

Azerbaijan's Shah Deniz II gas field, which is being developed by BP , Statoil and Azeri state oil firm SOCAR, is estimated to contain 1.2 trillion cubic metres of gas, which European companies hope can supply them for decades.

BP said on Tuesday, days before the deadline for bids, that it was mulling a fourth option in the form of a pipeline from Turkey to the Romanian-Hungarian border, amid doubts about the credibility of the pipeline plans already on the table.

Copyright Reuters, 2011

Comments

Comments are closed.