Nabucco investment decision seen later than hoped

VIENNA, Nov 10 (Reuters) - The Nabucco consortium expects a final investment decision on its gas pipeline project in the fourth quarter of 2010, a spokesman for the project said on Tuesday, later than had been previously expected. The Nabucco project, which has already been hit by several delays, plans to transport up to 31 billion cubic metres (bcm) of gas a year from the Caspian region to an Austrian gas hub via Bulgaria, Romania, Turkey and Hungary.

The Vienna-based consortium had previously said the final investment decision, a vital step to the realisation of the project, would happen in "early 2010." [ID:nLT23565] [ID:nL2689816]

"The fourth quarter of 2010 is the timeframe agreed with all shareholders in November. We expect the final investment decision in the fourth quarter," Nabucco spokesman Christian Dolezal said in an emailed statement.

Nabucco has said the open season process for the project will take place in the first three quarters of next year. Construction should start in 2011, unchanged from the previous timetable.

Some energy analysts have questioned the project because of a lack of solid supply agreements, but Nabucco's managing director said last week supply will not be a problem. [ID:nL6536944]

The pipeline, which is scheduled to start pumping its first gas in 2014, also faces competition from a similar Gazprom (GAZP.MM) project.

Nabucco's shareholders are Austria's OMV (OMVV.VI), Hungary's MOL MOLB.BU, Romania's Transgaz TGNM.BX, Bulgaria's Bulgargaz, Turkey's Botas and Germany's RWE (RWEG.DE). (Reporting by Sylvia Westall; editing by Sue Thomas)