Nabucco Gas Pipeline International launches fifth subsidiary
Azerbaijan, Baku, July 13 / Trend A. Badalova /
Nabucco Gas Pipeline International (NIC) has now launched five fully owned national subsidiaries - NNC Austria, NNC Bulgaria, NNC Hungary, NNC Romania and NNC Turkey.
NNC Turkey is a fully controlled NIC subsidiary based in Ankara, NIC spokesperson Christian Dolezal wrote Trend today in an e-mail.
The subsidiary will be responsible for developing and constructing the Turkish section of the pipeline, monitoring environmental and social impacts, and managing local engineers, he said.
NIC announced a tender to engineer the Turkish section of the pipeline in April.
Construction will be implemented in two phases. The first phase of construction in 2011 includes laying a new pipeline with a length of 2,000 kilometers, starting from the Turkish border and ending in Austria's Baumgarten. The second phase in 2014-2015 includes the construction of the remaining section of the pipeline on the border between Turkey and Georgia, and Turkey and Iran.
The Nabucco project worth 7.9 billion euro envisages gas supplies from the Caspian region to EU countries. Participants are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE. Each has an equal 16.67-percent share.
Construction is planned to launch in 2011, with first supplies being commissioned in 2014.
NIC shareholders will invest 30 percent of the project cost. The remaining 70 percent will be paid owing to loans.