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. Last Updated: 07/27/2016

Nabucco Prepares Tenders

The Nabucco natural gas pipeline will send out tenders for steel in May and expects to have financing in place by the end of the year, the company building the pipeline said Wednesday.

Nabucco Gas Pipeline International needs to buy 2.3 million tons of steel, procurement manager Johann Gallistl said. Financing for the 7.9 billion euro ($11.1 billion) project will be determined after the “open-season,” a process to gauge demand, that will last from July into the third quarter, Gallistl said.