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EBRD is ready to finance Nabucco2009-06-18 17:29
European Bank for Reconstruction and Development is ready to finance Nabucco gas project, said Riccardo Puliti is the Business Group Director in charge of the energy and natural resources sectors at the EBRD - GHN.gt-en-newsitem-inside
The bank is ready to allocate EUR 1 bn, and it will allow starting implementation of the project next year.
Nabucco gas pipeline at length of about 3 300 km [2 050 miles] must run through the territories of Azerbaijan, Georgia, Turkey, Bulgaria, Romania, Hungary, Austria, and Germany. It is supposed to deliver 26-32 bn cubic meters of gas from Azerbaijan, Turkmenistan, and Uzbekistan annually. The project's estimated cost amounts EUR 7 bn.
The construction of the gas pipeline may begin even next year.