Nabucco Construction Start Delayed To 2013

Nabucco Gas Pipeline International GmbH announced Friday a revised timeline for the Nabucco pipeline project, the consortium said in a news release.

"The timeline has changed as a direct result of the changes in the timing for gas supplies in the Caspian and Middle East regions, as announced by potential suppliers. Construction is envisaged to commence in 2013 to align the Nabucco timeline with gas suppliers," the consortium said.

Thus, the project company expects to make the first deliveries of natural gas in 2017.

Construction works were initially set to start in 2012, with deliveries commenced in 2015.

"The Open Season process will start as soon as there are firm indications that gas supply commitments are in place. The Final Investment Decision will be taken consequently," said Reinhard Mitschek, the consortium's managing director.

"We now expect first gas to flow through the pipeline in 2017. The Nabucco project continues to be driven by the needs of its customers," he added.

According to the Nabucco project, the gas pipeline should transport 31 billion cubic meters of natural gas from the Caspian Sea to an Austrian hub, through Turkey, Bulgaria, Romania and Hungary. The companies partnering in the project are Romanian Transgaz Medias (TGN.RO), Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Turkish BOTAS and German RWE.

The project is officially evaluated at EUR7.9 billion, based on a feasibility study from 2005, but people close to the matter told Reuters Thursday that the estimation was raised to EUR12-15 billion. Nabucco representatives dubbed the number as "inexact" and "speculation".

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