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Caspian and Middle East to be main gas supplier of Europe, says Nabucco managing director

07 June 2007 13:06 (UTC +04:00)

He aid that the project of Nabucco is on the focus of attention of the European Commission.
â€œIt is planned to bring the 3,300km pipeline online in 2012. The project is estimated to spend $5 billion. This project will enable to set up a transport network at the annual capacity of about 30 billion cubic meters of natural gas. Europe imports a total of around 500 billion cubic meters of gas a year but the consumption is expected to go up to 700 billion cubic meters in 20 to 25 years. Today, Russia supplies 50% of Europeâ€™s needs for gas. I think the Caspian and Middle Asia will be the leading player in supplying natural gas to Europe in the nearest future. Nabucco pipeline will be fed by Egypt, Iran, Iraq, Azerbaijan and Turkmenistan. We donâ€™t want to rely on a single source. We want to reserve the opportunity of taking natural gas from various sources,â€ he noted. /APA-Economics/