Azerbaijan, Baku, 2 June / Trend / The delays in the realization of Nabucco project is linked with the necessity to decrease the risks in allocating investments, Stephan Judith, RWE Director General for Commerce, said during his meeting with the State Oil Company of Azerbaijan Republic (SOCAR), Rovnak Abdullayev, on 2 June in Baku.
Whole Europe displays an interest in realizing the project, and talks have been held with Turkey and Turkmenistan for its implementation, Judith said.
At the end of May, the shareholders of Nabucco project highlighted 1.5 times price rise in the cost of the project which totaled €7.9bln. The price increase in the project realization is linked with the rise in oil prices and steel demand.
The consortium of the project held review of the capital expenses on the basis of procurement and supply services for the realization of the project on construction of pipeline. According to new estimates, 2mln tons steel, 200,000 pipes and more than 30 compressor aggregates are required for the project.
Nabucco will transport gas from Azerbaijan and Central Asia to the EU. The gas from Central Asia to Nabucco may be delivered via the planned Tran-Caspian pipeline. The pipeline with the initial capacity of up to 8bln cu.m. of gas per year will be constructed by 2012. First supplies will begin in 2013.
Nabucco Gas Pipeline International is the consortium of international partners on the development and construction of the Nabucco gas pipeline. The members of the consortium are Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE, each owning 16.67%.