Nabucco gas pipe cost ‘won’t be far away’ from $11bn
Nabucco Gas Pipeline International GmbH Managing Director Reinhard Mitschek said that the natural gas link’s revised costs "won’t be far away" from the existing 7.9 billion-euro ($11 billion) price tag, Bloomberg reported.
Mitschek, speaking in an interview in Istanbul, couldn’t say when a new cost figure would be announced.
Nabucco expects gas supply deals to be signed in November, and the so-called open season to start in "spring or summer," he said. The company plans to make a final investment decision early in 2013 and start construction late in that year, he said.
The Nabucco project is slated to bring gas from the Caspian region to Austria starting in 2017 as Europe seeks to reduce its dependence on Russian supplies. The venture includes Germany’s RWE AG (RWE), Austria’s OMV AG (OMV), Hungary’s Mol Nyrt., Bulgargaz EAD, Romania’s Transgaz SA and Ankara-based Boru Hatlari ile Petrol Tasima AS. Bayerngas GmbH is aiming to also join the project.
Companies from Europe and gas producers are showing interest to partner with Nabucco and while negotiations with additional potential partners have yet to start, they are "under preparation," Mitschek said. He declined to comment on the State Oil Co. of Azerbaijan, also known as Socar, joining the group.
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