Bloomberg reports OMV's managing director, Otto Musilek, as saying that a decision whether to build Nabucco pipeline, will be made by the end of 2007. Thus, construction of the EUR 4.8 billion project could begin in 2008. Mr. Musilek added that the project company that would run the pipeline is making good progress in negotiations with natural gas suppliers. Currently OMV, MOL, Romania's Transgas, Bulgaria's Bulgargaz and Turkey's Botas are partners in the Nabucco pipeline project. MOL's CFO told us last Monday that they are at a stage where they can make preliminary agreements with potential buyers and suppliers on the two ends of the pipeline. Once the necessary amount of buying obligations is collected, partners should finalize financing agreements and start construction work. If effective construction work could start in 2008, the pipeline could go operational in 2012. However, at the moment the news should not affect the share price of MOL or OMV, we believe.