EBRD ready to finance Nabucco

The bank is ready to allocate EUR 1 bln, which is enough for launching the project implementation next year.

Notably, EU has actively launched implementation of this gas project, aimed to reduce energy dependence of Europe from Russia. The demand in such a project appeared after the gas conflict between Russia and Ukraine, in the result of which Europe was deprived of energy sources in winter time.

The Nabucco gas pipeline extending to about 3.3 thousand kilometers will pass via Azerbaijan, Georgia, Turkey, Bulgaria, Romania, Hungary, Austria and Germany. The gas pipeline is supposed to transport 26-32 bln cubic meters to Europe from Azerbaijan, Turkmenistan and Uzbekistan. The project is estimated at EUR 7 bln.

The gas pipeline construction might start this year.

/GHN/