Gulf Oil and Gas accountACCOUNT

Nabucco Announced Azerbaijani-Turkish Agreement

Source: www.gulfoilandgas.com 6/8/2010, Location: Europe

Nabucco Gas Pipeline International GmbH welcomes the agreement that was signed in Ankara today between the Turkish Prime Minister and the Azerbaijani President defining terms for the transit of gas to Turkey and Europe. "This is a step ahead in the right direction," Reinhard Mitschek, Managing Director stated.

Nabucco is a multisource project and will not rely on single source or supplier for the operation of the pipeline. The Caspian region is one of the world's richest gas regions and has large capacities for gas export to Europe.

Surveys, such as Eurogas, clearly indicate that demand will keep rising and therefore there is a clear need for considerably more gas imports into Turkey and Europe. Nabucco is a major integrated infrastructure project, with 4,000 km of new pipeline, outlets along the route which will create the backbone for new gas transit to Europe.

Nabucco is the flagship project in the southern corridor to transport gas from the Caspian Region and Middle East to the Turkish and European consumer markets. Construction is expected to begin in 2011.

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