NABUCCO is ready to spend as much as needed

The NABUCCO pipeline consortium hopes that the first gas will run through its pipeline at the end of 2015 and that this will be gas from Azerbaijan and Iraq. NABUCCO CEO Rainhard Mitchek stated in Baku on September 15 that work on the NABUCCO project will start simultaneously with the works in the Shah Deniz second gas field. Mitchek thinks that in 2011 all the financial issues pertaining to the project will be decided and eventually NABUCCO will provide 5% of European gas consumption. The analyst predicts that in the coming 5-10 years Europe will increase its consumption of natural gas and NABUCCO will definitely contribute to this process.

So far, the NABUCCO consortium comprises of 6 companies from Austria, Hungary, Romania, Bulgaria, Turkey and Germany. The project will cost up to Euros 8 billion and the sides involved are ready to pay even more if necessary.