03-06-05

Energy firms from five Asian and European countries have agreed to lay a $ 5.5 bn pipeline for transporting natural gas from West Asia to Europe.

Oil and natural gas company officials from Turkey, Bulgaria, Romania, Hungary and Austria met in Bulgaria's seaside city of Varna and agreed to set up a joint firm in September for construction of the gas pipeline.

The 3,300 km-long pipeline will run through Turkey, Bulgaria, Romania, Hungary and finally to Austria and is designed to transport natural gas from the Caspian Sea and Iran to Europe. Construction is likely to begin in 2008 and end by 2010.

Distribution facilities will be built in the Austrian city of Baumgarten to supply natural gas to countries in West Europe, the report said.

Source: Indo-Asian News Service