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Nabucco pipeline consortium launches dialogue with EBRD and EIB

22 October 2009 16:56 (UTC +04:00)

Baku. Rashad Suleymanov - APA-ECONOMICS. The Nabucco Gas Pipeline International GmbH has launched detailed negotiations with the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), Nabucco consortiumâ€™s representative office in Baku quoted Managing Director Reinhard Mitschek as saying.

According to him, the consortium will soon begin negotiations with the International Finance Corporation too.

â€œThe talks will cover the basic financial parameters of the project. The main purpose of this dialogue is to inform the creditors of the social and environmental impact assessment and ensure that construction works will be in line with their standards,â€ he was quoted as saying.

He also added that the â‚¬7.9 billion project will be supported through the European Energy Program for Recovery and will need a diversified group of creditors, including international financial institutions, export credit agencies and commercial banks.

He also expressed hope that there will be opportunities to attract individual creditors next year.

According to him, the Nabucco consortium has already established contacts with several financial institutions in Europe, USA and Japan .