Nabucco consortium specifies structure of project management
Azerbaijan, Baku, Aug. 20 / Trend /
OMV is one of six Nabucco shareholders and an important project promoter, but not the project operator, the Nabucco Consortium stated today.
"OMV is as every shareholder also buying and selling gas to be transported via Nabucco. NABUCCO Gas Pipeline International GmbH is an unbundled infrastructure company and will offer transportation services but will not buy and sell gas," the statement says.
NABUCCO Gas Pipeline International GmbH is the company that is responsible for the realisation and operation of the Nabucco Gas Pipeline.
The Nabucco gas pipeline project is worth 7.9 billion euro. Participants are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE. Each participant has an equal 16.67-percent share. Construction is planned to launch in 2011, with first supplies commencing in 2014. Its maximum capacity will hit 31 billion cubic meters per year. The Nabucco Gas Pipeline International will invest 30 percent of the project's total cost. The remaining 70 percent will be paid by loans.
Azerbaijan and Iraq are considered major potential gas suppliers for the project's first phase.