Hungary sees delay in Nabucco pipeline financing -MTI

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Source: Reuters

Thomson Financial News
09.23.08, 2:39 PM ET

BUDAPEST, Sept 23 (Reuters) - The global credit crunch could delay getting financing for the planned Nabucco gas pipeline by at least six months, although it does not threaten the project itself, a Hungarian government official said on Tuesday.

'I wish these six months, which may be needed as extra time for putting together this (financing package), was our biggest problem,' said Mihaly Bayer (nyse: BAY - news - people ), Hungary's 'Nabucco ambassador', quoted by the national news agency MTI.

Bayer, who represents Hungary's government in Nabucco-related affairs, was speaking on the sidelines of a meeting of parliament's foreign affairs committee.

'I don't think that the future of Nabucco will hinge on this (delay), we have much more complicated shipment, production ... problems,' he added.

The long-stalled Nabucco pipeline, which would bring Caspian or Middle Eastern gas to Central Europe, is key to European Union efforts to wean the region off Russian energy....>

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