Nabucco Investment Decision Postponed to 2011

Nabucco Investment Decision Postponed to 2011

The final investment decision for the European Union-backed Nabucco natural gas pipeline has has now been postponed to 2011, from end-2010, due to delays in supply negotiations,   Dow Jones reported on Friday, citing Austrian media.

"We most definitely won't make it this year anymore. It will be in 2011," Dow Jones quoted Michael Ulbrich, an executive at OMV with responsibility for pipeline projects, as telling the Austrian daily Der Standart.

Austria's OMV, together with the Bulgarian Energy Holding, Turkey's Botas, Romania's Transgaz, Hungary's MOL and Germany's RWE are partners in the Vienna-based Nabucco Gas Pipeline International, the project company of the 3,300-kilometre Nabucco pipeline designed to decrease Europe's dependence on Russian gas supplies.

 

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