GAS/SOUTHERN CORRIDOR : AZERI CONSORTIUM CONFIRMS PARTICIPATION IN NABUCCO.

The partners in Azerbaijan's Shah Deniz II natural gas field have confirmed their intention to finance the development of Nabucco West, one of the two gas pipeline projects that are still competing to transport gas to the EU, the consortium in charge of this pipeline said, on 10 January in Sofia. The agreement was reached with the main partners in the Shah Deniz II consortium in charge of exploiting the gas field within two years, ie the public oil company Socar of Azerbaijan, BP of the UK, Statoil of Norway and Total of France.

The agreement relates to the joint funding of the development costs of Nabucco West until a decision is reached on which pipeline is to be chosen to export gas from Shah Deniz to Europe, the group said a statement. The parties also agreed that the group in charge of the development of Shah Deniz would obtain a 50% participation in Nabucco West if the project was chosen...