Energy company leaders from five Asian and European countries have decided to jointly set up a firm to lay a pipeline for transporting natural gas from West Asia to Europe, Bulgaria's newspaper the Monitor reported Friday.

Oil and natural gas company leaders from Turkey, Bulgaria, Romania, Hungary and Austria have recently held a meeting in Bulgaria's seaside city of Varna, where they agreed to establish a firm in September for the construction of the pipeline, the report said.

The 3,300 km-long pipeline, which runs through Turkey, Bulgaria, Romania, Hungary and finally to Austria, is designed to transport natural gas from the Caspian Sea and Iran to Europe.

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

The pipeline will cost some 4.5 billion euros (5.5 billion US dollars) and its construction is expected to begin in 2008 and finish in 2010.

Source: Xinhua