Nabucco financial discussions to end in 2009: Nabucco Gas Pipeline International

Oil&Gas Materials 28 January 2009 16:21 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend , A.Badalova/

Discussions on the financial aspects of the Nabucco gas pipeline will end in 2009, Nabucco Gas Pipeline International said in a report on its official Web site. All technical, legal, commercial and financial issues will be resolved by late 2010. An intergovernmental agreement between Nabucco member states and Turkey will be signed in 2009.

The agreement is needed to establish a legislative framework to transit gas.

At the recent Budapest summit addressing issues related to Nabucco, Hungarian Prime Minister Ferenc Gyurcsany said the agreement is expected to be signed before June 30, the report said.The heads of the European Investment Bank and European Bank for Reconstruction and Development said their institutions were ready to provide financial support for the project.

The Nabucco gas pipeline worth $7.9 billion will deliver Azerbaijani and Central Asian gas to the EU. Construction of the pipeline is expected to commence in 2010. . Its maximum capacity will be 31 billion cubic meters per year. Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.7 percent each.

Construction of the pipeline is expected to commence in 2011. The first gas supplies will be pumped in 2014.

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