Nabucco Consortium To Lobby EU For Additional Funding

The Nabucco consortium will lobby the European Union for additional financing, aside from the EUR200 million already allotted by the EU, consortium spokesman Christian Dolezal told a news conference in Bucharest Monday.

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Dolezal told reporters the pipeline could bring 8 billion cubic meters of gas from Azerbaijan and 10 billion cubic meters from Iraq.

Furthermore, according to Dolezal, Turkmenistan could also be a gas supplier for Nabucco, as well as Egypt and Turkey.

Nabucco's construction is set to start in 2012 and take three years. The initial supply agreements are to be concluded in 2011.

Pipeline project Nabucco, an investment estimated at EUR8 billion, aims at supplying the European markets with natural gas from the Caspian Sea and the Middle East, bypassing Russia. The project, with a capacity of some 30 billion cubic meters, is developed by a consortium which includes the companies Botas (Turkey), Bulgarian Energy Holding (Bulgaria), MOL (Hungary), OMV (Austria), RWE (Germany) and Transgaz (Romania).

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