English
The European Bank for Reconstruction and Development (EBRD) is planning to finance the construction of the Nabucco pipeline, according to EBRD Deputy Director for Romanai Serban Ghinescu, who attended a seminar organized by Forum Invest. EBRD is interested in a project this size (estimate: 4 billion EUR), but little information exists for the moment as to the size of financing the bank is willing to provide. "The EBRD policy does not allow the financing of more than 35% of a project this type," he said.
Nabucco will carry natural gas from Turkey to Austria through Bulgaria, Romania and Hungary. Construction works are scheduled to start in 2009 and end in 2012. The Nabucco Consortium includes OMV - Austria, MOL - Hungary, Botas - Turkey, Bulgargaz - Bulgaria and Transgaz - Romania. Romania is EBRD"s second largest investment market after Russia. The bank has committed 3.6 billion EUR to Romania in the last 14 years, equal to 10% of the bank"s overall commitment.
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