Azerbaijan, Baku, July 27 / Trend , A.Badalova/
The European Investment Bank is ready to help finance Nabucco pipeline, EurActiv reported. "When the project actually starts, we would be ready to fund the project," Christopher Hurst, director for energy and transport at the European Investment Bank (EIB), said on the sidelines of an energy and environment conference in Sweden.
Earlier the European Investment Bank stated it's intention to fund 25 percent of the Nabucco project. EBRD Director on Energy Business Riccardo Puliti said the EBRD can lead a group of banks to finance the project in the amount of €1 billion.
Hurst said the EIBwas actively following the project and testing its viability. He declined to offer possible investment figures and added that the project was still early days.
The Nabucco project worth 7.9 billion euro will deliver Azerbaijani and Central Asian gas to the EU. Nabucco shareholders are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE with 16.67 percent each
Construction of the pipeline is expected to begin in 2011 and the first supplies - in 2014. Its maximum capacity will be 31 billion cubic meters per year. An investment solution on the project will be made in the first quarter of 2010.
The Nabucco Gas Pipeline International will invest 30 percent of the project on basis of its share.
The remaining 70 percent will be provided by international institutions.
"For us, if we fund it, we would want it to be technically, economically and environmentally sound," Hurst said.