Are you sure?

Global crisis to delay Nabucco financing for six months

The organization of financing for the Nabucco project - a pipeline that will bring gas from Central Asia to Europe, reducing the region's energy dependence on Russia - is expected to be delayed at least six months because of the global financial crisis.

The delay will not put the investment at risk, Mihály Bayer, Hungary's ambassador for the project, told MTI on Tuesday.

The fate of the pipeline lies not with the six-month delay, but with the more complex problem of securing gas, Bayer said.

An inter-government agreement on the Nabucco could be signed by the end of the year, and companies involved in the project could sign their own agreement on the pipeline within weeks after that, Bayer said.

Though the EU is unlikely to take part in financing the project, while the EBRD and the EIB have said they are ready to support it, Bayer said. The World Bank has also expressed interest in financing the project. (MTI – Econews)