Azerbaijan, Baku, July 3 / Trend , A.Badalova/
It is expected to sign an intergovernmental agreement on the Nabucco gas pipeline project in July and this will become a good foundation to draw giant investments to construct the pipeline, RWE Gas Midstream Business Development Department Head Jeremy Ellis told journalists in Baku on July 3.
Ellis said most of work has been conducted on the project, as well as there are a lot of papers on construction of the pipeline, study stage and commercial papers.
"But considerable investments [for the gas pipeline construction] are expected after signing the intergovernmental agreement which will enable the consortium [Nabucco] to shift to open season process to begin in late 2009 or early 2010," Ellis said.
The open season process assumes receiving applications on filling of the pipeline.
The German RWE company is one of six shareholders of the Nabucco project consortium which will transport the Caspian gas to the EU countries. The remained shareholders of the project are the Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz and Turkish Botas. The project costs €7.9 billion.
Ellis said RWE as the shareholders of the project will participate in the open season process, as other shareholders of Nabucco.
The project will be financed as following: 30 percent of the project will be invested by shareholders of Nabucco Gas Pipeline International on the base of shares in capital and the rest 70 percent will be paid via loans.
Earlier the European Bank for Reconstruction and Development (EBRD) stated its intention to become a key participant in financing of the Nabucco gas pipeline project to increase energy security of Europe. EBRD Director on Energy Business Riccardo Puliti said the EBRD can lead a group of banks to finance the project in the amount of €1 billion.
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