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EC to decide on Nabucco financing by Wednesday

The European Commission could decide by Wednesday afternoon whether to contribute €200 million - €300 million in advance financing to the Nabucco gas pipeline project, EU Energy Commissioner Andris Piebalgs said in Budapest.

The decision on the advance financing could be made by the Commission on Wednesday afternoon, but it would also have to be approved by the Council of European Council and the European Parliament, Piebalgs said.

First of all, a decision will be made only on whether the EU will support the project financially; only later can it be decided in which way this can be done, he added.

Asked by MTI whether the EU could provide €2 billion in support for the pipeline - an amount Prime Minister Ferenc Gyurcsány said Brussels should contribute - Piebalgs said it would not be necessary as the six companies in the Nabucco consortium were capable of raising the necessary capital.

Piebalgs said the pipeline could be completed by 2015, two years later than planned.

Piebalgs was in Budapest to attend a Nabucco summit. (MTI – Econews)