Open

Coming up

Don't miss

Replay


LATEST SHOWS

IN THE PAPERS

NETANYAHU SAYS GAZA OPERATION WILL NOT END QUICKLY

Read more

BUSINESS DAILY

Argentina braced for another debt default

Read more

AFRICA NEWS

Ebola virus : Liberia shuts most border points

Read more

MEDIAWATCH

"What would you do?"

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine (part 2)

Read more

DEBATE

Too Late for Sanctions? Pressure Mounts on Russia over Ukraine

Read more

FOCUS

As France’s Carrefour pulls out, what next for India’s retail market?

Read more

#TECH 24

Internet of Things

Read more

THE WORLD THIS WEEK

The World This Week - July 25th, 2014 (part 2)

Read more

  • Israeli strikes target symbols of Hamas power

    Read more

  • US says Russia violated arms treaty by testing cruise missile

    Read more

  • Argentina in last-ditch effort to avert default

    Read more

  • Libya oil tanker fire blazes out of control

    Read more

  • In pictures: From Gaza to Mosul, bittersweet end of Ramadan for Muslims

    Read more

  • France offers asylum to Iraqi Christians

    Read more

  • Moroccan police arrest French al-Qaeda recruiter

    Read more

  • Israel warns of ‘prolonged’ campaign in Gaza

    Read more

  • French mayor files complaint against US father who risked kids’ lives on Mont Blanc

    Read more

  • French footballer Griezmann headed to Atletico Madrid

    Read more

  • Luc Besson’s sci-fi thriller ‘Lucy’ tops US box office

    Read more

  • Video: Slaviansk mourns mass grave victims

    Read more

  • France honours those lost on Air Algérie Flight AH5017

    Read more

  • Video: Ethiopia turns to wine to boost image, economy

    Read more

  • Thousands gather in Marseille in support of Israel

    Read more

  • As France’s Carrefour pulls out, what next for India’s retail market?

    Read more

  • Liberia tightens border controls to curb Ebola outbreak

    Read more

Business

Turkey to gain access to European gas supply under Nabucco

Text by NEWS WIRES

Latest update : 2009-07-13

European Union countries and Turkey are to sign a key intergovernmental agreement on Europe's flagship Nabucco gas pipeline after Ankara finally abandoned a deal-blocking plan to buy 15 percent of the gas.

REUTERS - Turkey will have access to European gas under a Nabucco pipeline deal and has abandoned its demand to buy 15 percent of the gas, a major obstacle to finalising the deal, Energy Minister Taner Yildiz told Reuters.

The pipeline -- connecting Turkey and a major natural gas hub in Austria -- is to be built so that gas can flow in an west-east direction, as well as east-west as planned, to allow Turkey that access, he said in an interview late on Saturday.

Yildiz said however that Turkey would have a right to take a share from 15 billion cubic metres, or half of the total 31 billion cubic metre gas flowing through the pipeline. He did not specify what percentage Turkey would have a right to.

Transit agreements for the European Union and U.S.-backed Nabucco pipeline are set to be signed in Ankara on Monday by Turkey, Bulgaria, Romania, Hungary and Austria. Germany is also a partner in the project.

Nabucco will help Europe diversify its natural gas suppliers and delivery routes in addition to strengthening Turkey's own energy security, Yildiz said. Possible suppliers for the $7.9 billion euro project include Iraq, Egypt, Iran, Azerbaijan, Russia and Turkmenistan.

"An article in the intergovernmental agreements states that six partner countries in the project will be given 50 percent of the gas if they want. This is an important article," he said.

"We had negotiated 15 percent of the gas in transit, or 4.5 billion cubic metres. Now we are looking for the gas we will take from the 50 percent, not 15 percent," he said.

Nabucco gas will enter Turkey at three border points and Yidliz said there would be no obstacle for other countries to join the project.

"In the later stages of the project, Russia can join the project if it sees this as profitable. There is no obstacle to this," the energy minister said.

He denied that there was any impact on financing Nabucco from the global economic crisis.

"It is true that the global crisis created anxiety, but I do not believe that money will be a problem for a project like Nabucco with buyers of the gas lining up," Yildiz said.

Turkey is still seeking to raise its gas imports from Azerbaijan to 14 billion cubic metres from 6 billion, he said.
 

Date created : 2009-07-12

COMMENT(S)