VIENNA (Dow Jones)--The consortium behind the planned Nabucco gas pipeline Monday said a market survey has established the demand for capacities are "huge."
"Pipeline capacities are more than 100% overbooked by potential shippers on a non-binding basis from day one on a long-term basis," the consortium said in a statement.
The survey was carried out in preparation for the open season process, where binding bids for gas supply are made.
The 3,300 kilometer pipeline, which is scheduled for construction start in 2009, is to transport 31 billion cubic meters of gas a year from the Caspian region, the Middle East and Egypt to Europe, through Turkey, Bulgaria, Hungary, Romania and Austria. It will bypass, and reduce Europe's reliance on gas from, Russia. Production start is planned for 2013.
Before an open season process can be initiated, however the consortium needs the formal approval of the countries through which the pipeline will pass, as well as an exemption from European antitrust regulations allowing the project partners to occupy 50% of the pipeline's capacity, the consortium said.
The members of the consortium are Austria's OMV AG (OMV.VI), Hungary's MOL Nyrt. (MOL.BU), Romania's Transgaz, Bulgaria's Bulgargas, Turkey's Botas and Germany's RWE AG (RWE.XE).