The Nabucco project valued at EUR7.9 billion will bring Azerbaijani and Central Asian gas to the EU.
Building of the pipeline is likely to commence in 2010. Its maximum capacity will be 31 billion cubic meters per year.
The major challenge was synchronization of the legislation frameworks of participating countries.
Negotiations are being carried out with Turkey for synchronization of its legislation with the Europeans, which delayed the preparation. During the last few months, significant progress has been achieved, Mitschek said.
Nabucco shareholders are the OMV Group, MOL Group, Bulgargaz, Transgaz, Botas and RWE AG.
In the meantime, Oil Minister Gholamhossein Nozari said studies on the Iran-Europe gas pipeline project are in progress.
The Persian pipeline is to tie Iran to Italy and Greece by crossing Iraq, Syria and the Mediterranean Sea. The feasibility studies on the project started seven months ago.
In this respect, Turkish Energy Minister Hilmi Guler articulated hope that his nation will sign Nabucco gas pipeline deal with European countries by June 2009.
Nabucco is intended to be an alternative means to carry gas from Turkey to Austria through Bulgaria, Romania, and Hungary. It is also an alternative resource to the Russian supply. The pipeline would bring gas from mainly Azerbaijan as well as Turkmenistan, Kazakhstan and Iran. Construction of the 3,300 kilometer pipeline is planned to begin in 2011 and first deliveries are likely in 2014.
