European Investment Bank to finance Bulgaria's share in Nabucco

Oil&Gas Materials 22 January 2011 10:46 (UTC +04:00)

Azerbaijan, Baku, Jan. 21 /Trend, E.Ismayilov/

The European Investment Bank will provide 1.2 billion euros for share of Bulgaria in the construction of the Nabucco pipeline, designed to diversify the sources and routes of gas supplies to the European Union, Bulgarian media outlets reported on Friday quoting the country's Prime Minister Boiko Borisov.
According to him, the key infrastructure projects in Bulgaria will be financed by the European Investment Bank.

On Friday, Borisov met with the President of the European Investment Bank Philippe Maystadt.

"Nabucco" is worth 7.9 billion euro, with its construction scheduled to start in 2012 and the first supplies to be commissioned in 2015. The project's participants include the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE, each having an equal 16.67 percent share. The pipeline's maximum capacity will hit 31 billion cubic meters per year.