Nabucco consortium to agree on project financing in 2010
Azerbaijan, Baku, Jan. 8 / Trend A.Badalova /
Nabucco Gas Pipeline International GmbH expects the negotiations with creditors on project financing to end in 2010. "Conclusion of financing with lenders and Final Investment Decision of shareholders are likely to be finalized in 2010," Nabucco Gas Pipeline International GmbH Spokesman Christian Dolezal told Trend today.
The consortium announced about the beginning of detailed negotiations with potential lenders - the EBRD, EIB and export credit agencies in October 2009.
This year's steps towards the implementation of the project will be finalization of Project Support Agreements in all the Nabucco countries to finalize the legal framework, launch of the assessment of the environmental and social impacts in all transit countries, start with Open Season Processes. About 50 percent of Nabucco capacities will be offered on the open market through long term contracts, he said.
He said NIC underlies the Unbundling-law from the EU and will not buy or sell any gas. Negotiations between European gas traders and produces are in progress, he added.
Accomplishment of the detailed technical planning and definition of exact route - based on a feasibility study from 2005 are likely to be completed in 2010, Dolezal said adding that the datas will be available in the curs of the first half of 2010.
In May, Nabucco entered the stage of technical detail engineering. The participants defined five local sub-contractors for engineering, conducting the assessment and examination of the technical details of pipeline route in the four transit countries, including Austria, Hungary, Romania, Bulgaria and Turkey. The British Penspen company designs the detailed technical plan for the Nabucco pipeline.
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.
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