Nabucco will not replace supplies of Russian gas to Europe

PanARMENIAN.Net - As far as Nabucco project is concerned, Russia runs no risk of losing its positions in Europe, as Nabucco will cover only a small part of Europe's demand for gas, Wolfgang Ruttenstorfer, the head of Austrian energy giant OMV stated.



According to CEDIGAZ forecasts, the demand for gas in Europe will grow by 1,9% a year, to increase from 545 billion cubic meters in 2007 to 692 billion cubic meters in 2020.



During the same period, natural gas consumption will grow from 495 to 578 billion cubic meters in 2015, and 605 billion cubic meters in 2020.



''Europe will need additional import of 150 billion cubic meters of gas, and consequently, new gas pipelines,'' OMV CEO noted.



According to him, Russia will retain its share in the market; for this reason, Nord Stream and South Stream are important infrastructure elements. ''These two gas pipelines will not be enough to satisfy Europe's additional demands; this is why I believe Nabucco construction reasonable. As far as Nabucco project is concerned, Russia runs no risk of losing its positions in Europe. The projects have different business models, different sources and consumers,'' Kommersant cited Wolfgang Ruttenstorfer as saying.