Nabucco project may cost $19 Billion

The Nabucco pipeline may cost 14 billion euros ($19 billion) instead of the 7.9 billion euros it currently is estimated to cost, Bloomberg reported according to the Guardian, citing an assessment from BP Plc.

The cost would increase partly because of “soaring commodity prices,” with the price of iron ore having increased by half in the past year, according to newspaper.

Nabucco project is designed to transport gas from the Caspian region and the Middle East to the EU countries. The project is worth 7.9 billion euro, with its construction planned to start in 2012 and the first supplies to be commissioned in 2015. The project's participants include the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE.


/Trend/