facebook
twitter
rss
account
search
search
 

OMV: Nabucco starts in 2018

May 11, 2012 at 9:27 AM   |   Comments

VIENNA, May 11 (UPI) -- Construction of the Nabucco natural gas pipeline from Azerbaijan could be completed by 2018, the head of an Austrian energy company said.

According to Bloomberg News, Hans-Peter Floren, natural gas director for Austrian energy company OMV, told delegates at the annual shareholder meeting that construction for Nabucco could start by 2015 and finish by 2018.

The news service didn't quote Floren, though Chief Executive Officer Gerhard Roiss said the project is "more important than ever." The Nabucco project description states construction would begin in 2013, with first gas flow expected by 2017.

In its investor report, which included financial statements as of March 31, the company said progress on the Nabucco gas pipeline depends on decisions made by the BP-led consortium working in the Shah Deniz 2 natural gas field in Azerbaijan.

BP proposed its South East Europe Pipeline in September. It would travel from eastern Turkey to the Austrian border. Nabucco West, a scaled-down version of the larger $10.4 billion pipeline, would follow a similar route.

BP had said it expects to make a decision on pipeline routes through Europe as early as next week.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Gazprom: Hungary ready for South Stream Gazprom: Hungary ready for South Stream
2
Poland, Pakistan, Lebanon seek U.S. military hardware Poland, Pakistan, Lebanon seek U.S. military hardware
3
Thales receives low-rate production contract for new assault rifle Thales receives low-rate production contract for new assault rifle
4
Report: Billionaires are hoarding mountains of cash
5
Canada decides to retire two guided missile destroyers Canada decides to retire two guided missile destroyers
Trending News
Video
x
Feedback