Iraq and Iran will need to supply gas to the European Union if the US$10.6 billion Nabucco pipeline is to go ahead, the energy minister of Azerbaijan has said.
The EU is looking to use the project to lower its dependency on Russia for energy, and Azerbaijan is expected to be the major supplier to the project.
However, Natiq Aliyev has said that the project requires greater stability from Iran and Iraq in order to move forward. “In a few years, when the Iran and Iraq situation is more stable politically, we will be able to implement the Nabucco project speedily,” he told the Independent.
He added that the project’s shareholders, which include Austria’s OMV and Romania’s Transgaz will not hit the target of starting construction next year.
Aliyev also revealed that the State Oil company of Azerbaijan could be listed on the international stock exchange within five years.
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