Nabucco construction delayed till 2012September 6, 2010 - 17:44 AMT PanARMENIAN.Net - The Nabucco gas pipeline venture delayed the start of construction even as the World Bank, the European Bank for Reconstruction and Development and the European Investment Bank said they may lend the project as much as 4 billion euros ($5.2 billion). “Construction will start 2012,” Nabucco Gas Pipeline International GmbH Managing Director Reinhard Mitschek said at a briefing today in Brussels. “The operation of the pipeline will start 2015.” The Vienna-based venture had previously said that construction was set to begin in late 2011, with shipments starting at the end of 2014 or early 2015. The 7.9 billion-euro pipeline is designed to carry gas more than 3,300 kilometers (2,050 miles) from Turkey to Austria to reduce European dependence on Russia. The venture is counting on gas from the Caspian region and Iraq to fill the link. “We have to synchronize Nabucco first to the gas supply sources,” Mitschek said. Once the gas supply has been secured, the “open season” tender process for transporting gas will begin by the end of the year or in the first quarter of next year, he said. Financing will be completed in the second half of 2011, Bloomberg Businessweek reported. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |