Nabucco pipeline construction to start in 2013, one year later

Nabucco Gas Pipeline International announced it has delayed with one year the construction of the pipeline 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.

“Nabucco’s progress has been positive so far. 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. We now expect first gas to flow through the pipeline in 2017,” said Reinhard Mitschek, managing director at Nabucco Gas Pipeline International.

The Nabucco shareholders also confirmed that the negotiations with the gas suppliers are encouraging. All gas supply negotiations are being led by the shareholders and by third party gas buyers from Turkey and from Europe and are undertaken completely separate from Nabucco Gas Pipeline International, which acts as the infrastructure company.

Nabucco is the new gas bridge from Asia to Europe. It will directly connect the world’s richest gas regions – the Caspian region and the Middle East, to the European consumer markets. The Nabucco shareholders are: OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgarian Energy Holding (Bulgaria), BOTAS (Turkey) and RWE (Germany). Each shareholder holds an equal share of 16.67 Percent of Nabucco Gas Pipeline International.

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