Egypt Shares in Signing Nabucco Transit Agreement

Source: Al-Ahram 7/14/2009, Location: Africa

Egypt is currently exerting great efforts to be a regional center for energy, Petroleum Minister Sameh Fahmi said on 13/7/2009, underlining that his country is qualified to play a key role in securing part of the global energy supplies.

Speaking at a signing ceremony of an intergovernmental agreement to build the Nabucco gas pipeline, Fahmi underlined that Egypt enjoys political stability, strategic geographic location and sufficient reserve of natural gas.

The signing ceremony was also attended by the prime ministers of the transit countries that the pipeline will cross - Turkey, Bulgaria, Hungary, Romania and Austria, in addition to US Special Envoy for Eurasian Energy Richard Morningstar.

Following the signing ceremony of the intergovernmental agreement on Europe's flagship Nabucco gas pipeline, Fahmi, who left Ankara on Monday, said inviting Egypt to participate in the Nabucco summit reflects trust in oil and gas materials in the country.

The proposed Nabucco pipeline is described as the project of the 21st century. Its construction is expected to start in 2010 and be operational in 2014.

The Nabucco project costs nearly 8 billion euros. Some 2,000 kilometers of the 3,300-kilometer Nabucco pipeline will run through Turkish territories.


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