EBRD to invest 1 billion in Nabucco project
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.
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.
