  EBRD to invest 1 billion in Nabucco projectJune 18, 2009 - 20:32 AMT PanARMENIAN.Net - European Bank for Reconstruction and Development (EBRD) is willing to be the main sponsor of Nabucco project, Ricardo Puliti, Bloomberg company's Director on Energy Business, said. According to him, EBRD may take control of the bank syndicate for providing 1 billion funding to the project.Earlier, Austrian OMV AG oil-gas company and Hungarian MOL Nyrt acquired 20% of shares from Iraqi Pearl Petroleum gas company with the purpose of increasing gas output in the north of Iraq. Purchase forms part of the strategy aimed at acquiring raw materials for Nabucco project, which implies construction of a transit route to Europe via Turkey (total length: 3300 km). The estimated cost for the project is 7 billion. Nabucco pipeline will pass over the territories of Azerbaijan, Georgia, Turkey, Bulgaria, Romania, Hungary, Austria and Germany. The pipeline is expected to deliver an annual amount of 26-32 billion cubic meters of gas to Europe from such countries as Azerbaijan, Turkmenistan and Uzbekistan.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Related sections Latest news Power of One Dram sums up two-year program with Teach for Armenia  Idram Junior also joined the companies during the visit, bringing with it a fascinating intellectual game for childrenYerevan Mayor to travel to Paris on May 15-19 The official delegation headed by Yerevan Mayor Tigran Avinyan will travel to Paris from May 15 to 19.Armenia, India hold first defense consultations The meeting was attended by Indian Ambassador Nilakshi Saha Sinha and Defense Attaché Brigadier General Naveen Nijhawan.Civil disobedience campaigns continue in Yerevan People demanding Prime Minister Nikol Pashinyan’s resignation again blocked streets in Yerevan on May 15. |
