NGE Notes: Shah Deniz Consortium to Provide Finance to Nabucco West

The head of State Oil Company of Azerbaijan (SOCAR), said that the consortium developing the second phase of Shah Deniz gas condensate fields will sign an agreement with the Nabucco West on project financing for its development.

Rovnag Abdullayev said that under the agreement, funding will be used to study the project in more detail before a final decision on the export pipeline route of Azerbaijani gas to Europe.

A similar arrangement was entered into earlier with the Trans Adriatic Pipeline (TAP).

Nabucco West and Trans Adriatic Pipeline are competing to move Azerbaijani gas to Europe.

A final decision is expected by May, 2013.