The timeline has changed as a direct result of the changes in the timing for gas supplies in the Caspian and Middle East regions, as announced by potential suppliers. Construction is envisaged to commence in 2013 to align the Nabucco timeline with gas suppliers.

Reinhard Mitschek, Managing Director, Nabucco Gas Pipeline International GmbH, commented: “Nabucco’s progress has been positive so far, with the advanced Environmental & Social Impact Assessment and concrete steps for procurement and other important work-streams. Season process will start as soon as there are firm indications that gas supply commitments are in place. The Final Investment Decision will be taken consequently. We now expect first gas to flow through the pipeline in 2017. The Nabucco project continues to be driven by the needs of it’s customers.”

At the same time, the Nabucco shareholders also confirmed that the negotiations with the gas suppliers are encouraging. All gas supply negotiations are being led by the shareholders and by third party gas buyers from Turkey and from Europe and are undertaken completely separate from NABUCCO Gas Pipeline International GmbH, which acts as the infrastructure company.

Note that, Nabucco is the new gas bridge from Asia to Europe. It will directly connect the world’s richest gas regions – the Caspian region and the Middle East, to the European consumer markets. The pipeline will link the Eastern border of Turkey, to Baumgarten in Austria – one of the most important gas turntables in Central Europe – via Bulgaria, Romania and Hungary.

Nabucco Gas Pipeline International GmbH (NIC) was set up on 24 June 2004 to develop, construct and operate the Nabucco pipeline. Headquartered in Vienna, it is an unbundled midstream-company under EU law. NIC is owned by the Nabucco shareholders and is responsible for the development, construction, operation and capacity trading and allocation for the Nabucco pipeline. NIC will be the only company in direct contact with the shippers and will offer a one-stop-shop solution, operating as an independent economic entity in the market, and acting independently from its parent companies. The pipeline system will be constructed by the National Nabucco Companies (NNCs), which are subsidiaries of NIC in each of the transit countries.

The Nabucco shareholders are: OMV (Austria), MOL (Hungary), Transgaz (Romania), Bulgarian Energy Holding (Bulgaria), BOTAS (Turkey) and RWE (Germany). Each shareholder holds an equal share of 16.67% of Nabucco Gas Pipeline International GmbH. It is the shareholders who are responsible for the negotiation of gas contracts.