May 17, 2011 / 2:09 PM / 6 years ago

OMV CEO insists Nabucco pipeline to be completed

VIENNA, May 17 (Reuters) - OMV (OMVV.VI) Chief Executive Gerhard Roiss insisted the Nabucco gas pipeline would be completed despite delays and cost overruns, saying Europe needed the energy supplies the project would bring.

"What is important -- and I am convinced of this -- is that this pipeline comes for Europe," he told the group's annual shareholder meeting on Tuesday.

The pipeline to carry Caspian gas to Europe and ease its reliance on Russian supplies will open in 2017, two years later than planned, and cost more than its target of 7.9 billion euros ($11.2 billion), its builders said this month. [ID:nLDE7450PS]

Nabucco intends to bring up to 31 billion cubic metres of gas annually from the Caspian region to an Austrian hub, bypassing Russia and altering the balance of regional power supplies.

Partners in Nabucco include Turkey's Botas, Austria's OMV (OMVV.VI), Germany's RWE (RWEG.DE), Hungarian MOL (MOLB.BU), Romania's Transgaz TGNM.BX and Bulgarian BEH. (Reporting by Michael Shields)

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