EU will issue 3 billion euro for realization of Nabucco project and 4 more billion as credits, head of Nabucco Gas Pipeline International GmbH Reinhard Mitchek said at the international gas conference in Baku, APA-Economics reports.
Mitchek said that the money will be provided after preparation work. European Investment Bank and the International Finance Corporation have received mandates.
Mitchek noted the importance of Nabucco, it will transport gas to Turkey through Georgia, Iraqi gas – directly. The pipeline will be launched in 2015. Iran will not take part in the project.
Nabucco pipeline will transport Caspian gas to Central Europe through Turkey and the Balkans, Nabucco Gas Pipeline International GmbH was established. Nabucco Gas Pipeline International Ltd. consortium consists of 6 companies: OMV (Austria), MOL 9Hungary), Transgaz (Romania), Bulgargaz (Bulgaria), BOTAS (Turkey), RWE Gas Midstream (Germany. Each member has a 16.67% share. Shareholders are financing one third of expenses, the rest is financed by credit and finance organizations. The project is worth 7.9 billion euro. 3 300 km long Nabucco pipeline will have capacity of 32 billion cubic m.
