Armenia-Azerbaijan Tensions Spike: New Shelling Incident
Tensions between Armenia and Azerbaijan have surged once again, with Armenia accusing Azerbaijan of a deadly attack that claimed the lives of two soldiers and left several others injured
The launch of the EU-backed gas pipeline project Nabucco may be postponed by another year to 2018.
Gerhard Roiss, CEO of Nabucco shareholder OMV, was quoted Tuesday as saying that first gas supplies would flow through Nabucco in 2018 and that this "was the latest information which we have."
The announcement cited by Austria Press Agency (APA) increased the delay to a total of 3 years, given that the completion of the gas conduit was initially scheduled to go into operation by 2015.
Approached to comment on the issue by journalists of Dnevnik daily, Nabucco Gas Pipeline International GmbH stressed that the project implementation schedule was contingent on the availability of sources of gas supplies.
The international project company explained that it would soon come up with a a decision on the development of the Shah Deniz II field.
The Nabucco consortium went on to confirm that the start of construction works was still planned for 2013 and that no delay was expected at this stage.
The project aimed at alleviating Europe's dependency on Russian gas has been struggling to secure suppliers and has already had to postpone construction a number of times.
OMV's chief executive Roiss is touring central Asia this week to negotiate supply deals for Nabucco and has already met Monday with Turkish Energy Minister Taner Yildiz.
On Wednesday, the CEO of the Austrian oil and gas giant signed a memorandum of understanding between OMV and Azerbaijan's state oil company Socar on joint energy projects.
Nabucco, which faces stiff competition from rival pipelines including Russia's South Stream, is to bring up to 31 billion cubic meters of gas a year from the Caspian region to Austria via Turkey, Bulgaria, Romania and Hungary.
OMV is one of six equal-share partners in Nabucco alongside Bulgaria's BEH, Hungary's MOL, Romanian Transgaz, Turkish BOTAS and RWE from Germany.
Each of participants has equal share to the amount of 16.67 percent.
Talks are underway with Bayerngas GmbH, a publicly owned German-Austrian gas procurement vehicle which expressed interest in joining the project as a seventh shareholder.
The company has not specified the stake it intends to acquire in Nabucco.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The Nuclear Regulatory Agency (NRA) has greenlit the phased transition to a new type of nuclear fuel for Unit 5 of Kozloduy Nuclear Power Plant (NPP), manufactured by Westinghouse
In a bid to enhance its energy security and diversify its gas supply sources, Bulgargaz is gearing up for the first deliveries of liquefied gas through the Alexandroupolis terminal, set to commence in May
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022