The Nabucco gas pipeline project worth €7.9 billion envisages gas supply from the Caspian region to the EU countries. Construction of the gas pipeline was scheduled for 2011. The first supplies will be launched in 2014. Maximal capacity of the pipeline will hit 31 billion cubic meters per year.
The proposed 3,300-kilometer Nabucco pipeline aims to carry natural gas from Central Asia via Turkey and the Balkan states to Austria, bypassing Russia and Ukraine.
The Turkmen president pointed to the newly discovered gas fields, Yolatan and Othman, in the southern parts of his country, and said that huge gas reserves of the two fields have made it possible for Turkmenistan to join major international gas pipeline projects.
Reminding that the Nabucco pipeline is at the center of the international community's attention, he added that development of gas and oil fields, construction of new facilities for refining oil and gas, construction of gas terminals, employment of modern technologies in his country's oil and gas sectors are among Ashgabat's priorities.
The gas discovery has made Turkmenistan much hopeful about picking up a bigger share of the international market. Following the discovery of the two huge gas fields, Ashgabat made a deal with Tehran to build a new pipeline to transfer Turkmen gas to its southern neighbor.
"Given the closeness of Turkmenistan's gas resources to Iran's border, a new gas pipeline is to be constructed in near future for transferring Turkmen gas to Iran in addition to the existing Korpeje-Kurt Kui pipeline," Iranian Ambassador to the country Mohammad Reza Forqani told FNA in July.
Turkmenistan has agreed to boost the volume of its natural gas exports to Iran to 14 billion cubic meters (bcm) from the current 8 bcm following the start of operation of the new gas pipeline between the two countries.
The new pipeline from the eastern Turkmen town of Dauletabad to Iran will have a capacity of 12.5 bcm of gas per year.
Turkmenistan has also undertaken to increase the quantity of its gas exports to Iran to 20 bcm in the future.
Meantime, analysts and international observers underlined that materialization of the Nabucco gas pipeline project depends on supplying the needed gas for the pipeline.