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Nabucco and TANAP Sign Cooperation Memo

Nabucco Gas Pipeline International GmbH. and TANAP (Trans-Anatolian Gas Pipeline) have signed a memorandum of understanding and cooperation.

According to Nabucco, both sides officially announced that they agree to cooperate on the South Gas Corridor development.

As the memo explains, Nabucco and TANAP will exchange technical and other strategic information, and will cooperate on the project's development.

The document also notes that the routes for natural gas must vary in order to improve diversification and supply reliability to the EU and South-Eastern Europe.

Nabucco CEO Reinhard Mitschek says the memorandum brings closer the goal for diversified gas supply to Europe, connecting two inseparable parts of the South Gas Corridor. "It creates a mutual frame for distribution of significant information and works for continuation of both projects successfully."

In addition, Nabucco Chief Financial Officer Frank Siebert noted that all the components of the price chain between Shah Deniz Gas and European consumers in the coming months will be operated together so that all shareholders earn maximum commercial revenue.

Source: APA

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