Nabucco to receive 4 billion euro loan, be functional by 2015

The European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC) are preparing to loan a potential 4 billion Euros to the Nabucco pipeline project. The 3,300-kilometer-long gas pipeline project is expected to cost 7.9 billion euros, and will meet 5 percent of Europe’s annual energy demand if it becomes fully operational.

The project intends to reduce Europe’s dependence on Russian energy supplies and will make Turkey an essential energy route for Europe and Turkeys neighbors.

Source: Today’s Zaman

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