Azernews.Az

ANKARA – The consortium building the Nabucco gas pipeline denied on Thursday it had revised its projected investment figures in the project, after sources in Turkey said there had been an upward revision.

"The current investment figures of 7.9 billion euros ($11.74 billion) are based on the Nabucco feasibility study, which was completed in 2005," spokesman Christian Dolezal told Reuters.

"Any other figures released in the meantime are speculations and (are) not accurate," he said, adding that the figures were under a review from which results would be released later.

Earlier on Thursday, sources close to the matter in Turkey said that projected investment in the pipeline had been revised up to 12-15 billion euros.

The sources said that some of the project participants disagree with the new figures and call for a review of the estimate.

Some analysts say differences over the estimated cost of the pipeline and problems with natural gas sources could delay a final investment decision on the project until 2012.

The Nabucco pipeline will carry up to 31 billion cubic meters a year of gas from the Caspian region and the Middle East across Azerbaijan, Georgia and Turkey into southeast Europe and onwards to an Austrian trading hub, bypassing Russia. A third of the project cost will be covered by its shareholders, while the rest will be funded by international lenders. Construction is planned to start in 2012 and first supplies delivered in 2015. Nabucco participants are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE, each with an equal share of 16.67 percent.

Azerbaijan, Turkmenistan and Iraq are potential suppliers for the Nabucco pipeline.