No need to change Nabucco project's cost: head of consortium
Azerbaijan, Baku, June 3 / Trend , A. Badalova/
The contract between RWE and Turkmenistan, which enables to develop fields on the Turkmen section of the Caspian Sea and obtaining 20 percent of Iraqi gas producing company jointly by Austrian OMV and Hungarian MOL is vital for realization of the Nabucco gas pipeline project, head of Nabucco Gas Pipeline International Reinhard Mitschek said.
"These actions by shareholders are crucial for Nabucco as it enables to receive gas from these regions," Mitschek said in Baku.
Mitschek said despite world financial crisis, today there is no need to change cost of Nabucco project. The project costs 7.9 billion euro.
The European Investment Bank, EBRD and export and credit organizations are ready to finance the project, he said.
"We have financial support from the European Commission in form of a grant worth almost 200 million euro as a part of the European restoration program," he said.
Mitschek said Azerbaijan "will play greater role" for Nabucco gas pipeline project in future.
"On one hand, we see Azerbaijan as supplier for Nabucco and on the other, Azerbaijan can play very important role as modern, open and transparent transit country," he said.
The final investment decision on the project will be adopted in early 2010. The pipeline's construction will begin in 2011 and first deliveries will be due in 2014. 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 Nabucco gas pipeline project is expected to begin in 2011. The first deliveries will take place in 2014. It will have capacity of 31 billion cubic meters per year.