The EBRD, the EIB, and the IFC, a member of the World Bank, havestarted the evaluation process of the Nabucco gas pipeline, aEuropean project intended to diminish reliance on Russian gasimports; the stake is high here, i.e. the granting of a potential 4billion-euro funding package, half the value of the project.
The three financial institutions are set to start an analysis ofthe Nabucco project in the coming period, and in the end decide ifthey give the money necessary to conduct this investment.
The stage is an important one, as Nabucco shareholders themselvesadmit, because it is the first step towards obtaining the fundingneeded for the project. Nabucco appears to be gaining ground overrival South Stream gas pipeline, built by Gazprom, after a periodduring which the Russians managed to attract into their projectseveral of the countries that are part of Nabucco. Despite theseemingly fast development of the Russians' project, market expertshave constantly said that South Stream is in fact a non-existingproject, lacking a completed feasibility study, an inter-governmentagreement, and which could prove too expensive to carry througheven for Gazprom.
As far as Nabucco's funding is concerned, representatives of thesyndicate say the EIB could come up with 2 billion euros, the EBRDcould contribute 1,2 billion euros, half of which could besyndicated from commercial banks, and the IFC could contribute 800million euros, with only half coming from the financialinstitution.
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