Austrian Finance Minister Wilhelm Molterer hailed Turkmenistan as an "important partner" in the European Union-backed Nabucco pipeline project on Tuesday as the country's president Gurbanguly Berdymukhamedov continued his official visit to Vienna.
"Turkmenistan is an important partner for Austria and the entire European Union in the energy sector," Molterer, who is also vice-chancellor, said in a statement.
Economy Minister Martin Bartenstein added that the former member of the Soviet Union could draw upon "huge reserves of gas and petrol."
The planned Nabucco pipeline is set to start bringing gas from Central Asia direct to Europe in 2013. Construction is expected to start in 2009 with six European energy firms having invested in the project.
The 3,300-kilometer pipeline is aimed at reducing Europe's dependence on Moscow's gas supplies by bypassing Russian territory. It will go through Turkey, Bulgaria, Romania, Hungary and then end in Austria.
In April, Turkmenistan agreed to supply 10 billion cubic meters of gas annually from next year to the E.U.
During President Berdymukamedov's visit, Foreign Minister Ursula Plassnik signed an agreement with Turkmenistan to create a mechanism for political consultations, while Bartenstein inked a similar document aimed at strengthening bilateral economic ties.
In 2007, Austrian exports to Turkmenistan totaled EUR33 million, compared with EUR6.35 million the previous year.
Imports from the central Asian country, mostly in the energy sector, were EUR28.25 million, up from EUR307,000 in 2006.