Today.Az » Business » 'Nabucco consortium continues financing project development works'
10 August 2012 [11:14] - Today.Az
Nabucco consortium continues financing development works within the
project, an official representative in Nabucco Gas Pipeline
International GmbH told Trend.
"We continue to finance ongoing development works in the project,
including in the areas of engineering, as well as commercial and
financial structuring of the project," the official wrote in an e-mail.
Nabucco West is a short-cut version of Nabucco project, which
envisages construction of the pipeline from Turkish-Bulgarian border to
Austria. Gas to be produced within the second phase of Azerbaijani Shah
Deniz gas field development is considered as the main source for the
project.
The project's current shareholders are Bulgarian Energy Holding,
Romanian Transgaz, Turkish Botas, Austrian OMV, German RWE and Hungary's
FGSZ.
Earlier Bloomberg reported with the reference to Romanian Transgaz
official, Nabucco's board of directors plans to decide on the capital
increase, aimed at securing the financing needed to go ahead with the
project. According to him, the Hungarian MOL decided to stop injecting
funds into the pipeline, however the company may reconsider its position
on the planned capital increase followinf the Shah Deniz consortium's
decision.
In June the Shah Deniz consortium selected Nabucco West as the single
pipeline option for the potential export of Shah Deniz Stage 2 gas to
Central Europe. The final decision on pipeline export route is expected
in 2013.
The official in Nabucco Gas Pipeline International said the planned
capital raise is not an unusual step, and is part of the financing
structure of Nabucco project.
Earlier Nabucco Gas Pipeline International GmbH spokesman, Christian
Dolezal told Trend that Nabucco West can reach its financial close very
soon, adding that the financial institutions are ready to fund the
project.
Nabucco West project's debt to equity ratio is set to be 70:30 - that
means Nabucco's shareholders will invest 30 percent of total cost of
the project, and the rest 70 percent will be paid owing to loans.
/Trend/
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