Evaluation process of NABUCCO project financing start

International financial institutions have initiated the evaluation process of 4-billion euro potential funding for the building of the Nabucco pipeline, the managing director of the consortium NABUCCO Gas Pipeline International GmbH Reinhard Mitschek said today, European media say.

The final decision on funding is expected to be taken in 2011, while construction work is expected to begin in 2012. The pumping of the first gas through the pipe is scheduled for 2015, depending on the availability of the sources.

The cost of the Nabucco gas pipeline is estimated at 7.9 billion euros.

Participants in the Nabucco project are Austria's OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE. Each participant has an equal share of 16.67 %.