Nabucco project experiences significant financial difficulties with obtaining credits, Nabucco Gas Pipeline GmbH Managing Director Reinhard Mitschek said at the briefing in Budapest.

“The total amount necessary for about 3.000 km main construction is estimated at $11.8bn. Consortium intends to turn to international organizations and agencies for raising the loans,” Mitschek stated.

Germany, France and Italy are among those European countries skeptical about rationality of Nabucoo project. Besides, Azerbaijan and Turkmenistan gave no guarantees of their participation in the project, thus new gas pipeline might be underloaded, 1news.az reports.

A.G.