NABUCCO project reviving

An agreement concerning the NABUCCO project might be signed in the coming weeks, said its General Director Reinhard Mitchek at the Caspian Oil and Gas 2009 conference in Baku. He said the preparation of this document is nearing completion and all legislative issues within the project’s member states have been settled.

Mitchek also announced that the gas pipeline might have a final capacity of 65 bln cubic metres, but to begin with it will be just 8-10 bln cubic metres, gas which will presumably be supplied through the Caspian, specifically Azerbaijan. At the second stage of the project the pipeline’s capacity will be 20 bln cubic metres.

Mitchek said today that the cost of the project is estimated at EUR 7 bln. EBRD, Bulgaria and Hungary are ready to allocate 25% of this. He believes there will not be a problem with financing, Day.Az reports. However some time ago the Azeri Minister of Industry and Energy Natik Aliev expressed his skepticism about NABUCCO, which he said is beset by several economic difficulties.