EU Energy Commissioner: Nabucco To Cost EUR12 Billion To EUR15 Billion
May 09 2011 - 10:59AM
Dow Jones News
European Union energy commissioner Guenther Oettinger confirmed
the planned natural gas pipeline Nabucco will cost much more than
estimated, Dow Jones newsletter EnergyDaily reports Monday.
"Nabucco will cost between EUR12 billion and EUR15 billion,"
Oettinger said at an energy conference in Stuttgart. Up to now,
costs were estimated at EUR7.9 billion.
Germany's RWE AG (RWE.XE) is a member of the Nabucco
consortium.
Friday, the consortium said the pipeline, which will carry
natural gas from the Caspian Sea to Europe, is expected to
transport the first gas only in 2017, two years later than
previously scheduled. Construction work was postponed by one year
to 2013, according to the managing director of the consortium
Reinhard Mitschek.
Mitschek suggested the investment plan is under review and would
likely be increased because the pipeline will be extended 20% to
3,500 kilometers by adding a connection to Iraq. He didn't
quantify.
An RWE spokeswoman didn't want to comment on cost developments,
saying that the financial framework set in 2008 is under review.
Therefore reliable numbers are required, she told EnergyDaily
Monday.
Alongside RWE, members of the Nabucco consortium are Austria's
OMV AG (OMV.VI), Turkey's Botas, Bulgaria's Bulgargaz, Hungary's
MOL Nyrt (MOL.BU), and Romania's Transgaz.
-By Klaus Hinkel, Dow Jones EnergyDaily; +49 69 29 725 501;
klaus.hinkel@dowjones.com
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