18/05/2011 (Agence Europe) - Nabucco is difficult but promising project, Oettinger says. It is not so easy “to convince banks and investors that the (Nabucco) project makes sense”, says Energy Commissioner Günther Oettinger in an article in the German daily Die Zeit of 19 May. The Nabucco pipeline will carry natural gas from Central Asia, via the Caspian Sea and Turkey, to the EU, thereby avoiding Russia. “All big projects can fail. One should never bet on success before construction starts”, he adds. According to the Nabucco consortium, made up of energy companies TWE of Germany, OMV of Austria, Bulgargas of Bulgaria, MOL of Hungary, Transgaz of Romania and Botas of Turkey, the cost of the project should not exceed forecasts of somewhere between €12 and €15 billion, higher than the initial €8 billion. The date for the pipeline coming on stream has been pushed back until 2017, two years later than originally planned. The start of construction has already been delayed for one year, until 2013. The project investment plan will have to be reviewed to take account of the 20%, or 3,500-kilometre, extension with the addition of a connection to Iraq. (E.H./transl.rt)