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Nabucco consortium postpones project start

Oil&Gas Materials 6 May 2011 15:41
The construction of the Nabucco pipeline designed has been postponed to 2013 .
Nabucco consortium postpones project start

Azerbaijan , Baku, May 6 / Trend A.Badalova /

The construction of the Nabucco pipeline designed has been postponed to 2013 .

" Given the timing of oil production in Central Asia and the MiddleEast , the Nabucco consortium changed the dates ," Nabucco Gas Pipeline International (NGPI) CEO Reinhard Mitschek said during a teleconference on Friday. " Construction was postponed to 2013 and first supplies to 2017 ."

Mitschek said Nabucco itself is a fairly advanced project and its implementation could start earlier, but the more rational is to synchronize the start date of its implementation with the project activities of all those involved in the investment chain .

Earlier, construction was planned to be launched in 2012 and first supplies in 2015.

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.

Azerbaijan , Iraq and Turkmenistan are considered as the main suppliers for the project .

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