EBRD TO INVEST 1 BILLION IN NABUCCO PROJECT

/PanARMENIAN.Net/
18.06.2009 19:32 GMT+04:00

/PanARMENIAN.Net/ European Bank for Reconstruction and Development
(EBRD) is willing to be the main sponsor of Nabucco project,
Ricardo Puliti, Bloomberg company’s Director on Energy Business,
said. According to him, EBRD may take control of the bank syndicate
for providing ~@ 1 billion funding to the project.

Earlier, Austrian OMV AG oil-gas company and Hungarian MOL Nyrt
acquired 20% of shares from Iraqi Pearl Petroleum gas company with
the purpose of increasing gas output in the north of Iraq. Purchase
forms part of the strategy aimed at acquiring raw materials for Nabucco
project, which implies construction of a transit route to Europe via
Turkey (total length: 3300 km).

The estimated cost for the project is ~@ 7 billion.

Nabucco pipeline will pass over the territories of Azerbaijan, Georgia,
Turkey, Bulgaria, Romania, Hungary, Austria and Germany. The pipeline
is expected to deliver an annual amount of 26-32 billion cubic meters
of gas to Europe from such countries as Azerbaijan, Turkmenistan
and Uzbekistan.

From: Emil Lazarian | Ararat NewsPress