BRUSSELS, Nov. 4 (UPI) -- The economic potential to build the Nabucco pipeline for Europe exists, though it hasn't been a proven viability, an official from gas-rich Azerbaijan said.
Europe aims to break the Russian grip on the regional gas sector through the Nabucco gas pipeline that could transport natural gas from potential suppliers in the Middle East and Central Asia.
Azerbaijan is considered among the top potential gas suppliers for the planned 2,000-mile pipeline, through financial aspects and commitments from gas-rich nations are slow to develop for the project.
Araz Azimov, the country's deputy prime minister, told Bloomberg News from Brussels that his country was keen on joining the project, though it was currently exploring "other options" while the European community examines key Nabucco decisions.
"We would welcome Nabucco once Nabucco countries are ready to invest in building the pipeline," he said.
Nabucco consortium members said they were waiting until 2011 to make investment decisions on the project. Construction could start in 2012 and first gas could flow through the pipeline by 2015.
"Nabucco's viability is yet to be proven but it's not impossible," the Azeri minister said.
