Vienna, Austria, Dec. 11 / Trend , A.Alasgarov /
EBRD, European Investment Bank, IFC and other financial institutions can provide from one to 1.5 billion Euros for financing the Nabucco pipeline project, designed to deliver gas from the Caspian region and the Middle East to the EU countries, said the member of the EBRD Board of Directors Kalin Mitrev.
Making a speech at the "Nabucco and South Stream - new prospects for European energy security" Forum in Vienna, Mitrev said that from 2 to 3 billion Euros in financing for the project accounts for export credit agencies and commercial banks.
Mitrev said that today the cost of the project is 8 billion Euros, but in future it may increase.
According to Mitrev, the EBRD can contribute to the project with the help of structured finance and syndicated loans.
Nabucco is supported by the European Union and aims to reduce dependence on Russia's gas and diversify routes and sources of energy supplies. Nabucco gas pipeline project is worth € 7.9 billion. Participants of the project are Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE companies. Each of participants has equal share to the amount of 16.67 percent. Construction of gas pipeline is planned to be launched in 2011, the first supplies - in 2014. Maximal capacity of the pipeline will hit 31 billion cubic meters per year. Nabucco Gas Pipeline International shareholders will invest 30 percent of total cost of the project, the rest 70 percent will be paid owing to loans.
Trend news agency provides information support to "Nabucco and South Stream - new prospects for European energy security" Forum.
A.Badalova (Baku) contributed to article
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