Bulgaria Ready to Start Construction of Nabucco Section in Mid-2013

Bulgaria Ready to Start Construction of Nabucco Section in Mid-2013

Bulgaria is ready to launch the construction of the 422-kilometre Nabucco gas pipeline section on its territory in the middle of this year, the economy ministry said.

The first stage of the construction works on the gas pipeline can start with the Bulgarian-Turkish interconnector, the ministry quoted economy minister Delyan Dobrev as saying at this year's first meeting of the Nabucco Committee held in Sofia on Thursday. The interconnector will be 75 kilometres long on Bulgarian territory.

Dobrev also added that an affiliate company of Nabucco Gas Pipeline International might be set up to ensure greater flexibility in the project's implementation.

Earlier on Thursday the Vienna-based Nabucco Gas Pipeline International GmbH (NIC) said equity option and funding agreements have been reached in principle between itself, its shareholders and the Shah Deniz Consortium.  

At the meeting of the Nabucco Political Committee, NIC and the company's shareholders reached an agreement in principle with BP, Statoil, Total and Azerbaijan's SOCAR on joint funding of the development costs of the Nabucco West pipeline up to the pipeline selection decision for Shah Deniz' European export route, NIC said in a statement.

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