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NIC Announces New Timeline For Nabucco Pipeline

Source: www.gulfoilandgas.com 5/6/2011, Location: Europe

Nabucco Gas Pipeline International GmbH announces a revised timeline for the Nabucco pipeline project. The timeline has changed 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. Construction is envisaged to commence in 2013 to align the Nabucco timeline with gas suppliers.

Reinhard Mitschek, Managing Director, Nabucco Gas Pipeline International GmbH, commented: “Nabucco’s progress has been positive so far, with the progress of the Environmental & Social Impact Assessment and concrete steps for procurement and other important work-streams. 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. The Nabucco project continues to be driven by the needs of its customers.”

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 GmbH, which acts as the infrastructure company.

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