Formal agreement on Nabucco reached

Turkey, Austria, Bulgaria, Romania, and Hungary signed (July 13th) an agreement to construct the Nabucco pipeline. However, the project, which can supply 31 billion cubic meters of natural gas, has no guaranteed supplier.  Azerbaijan has been designated as the main source but recently agreed to sell gas to Russia, seen as a warning to Nabucco and its participants to sort out their differences.  

Finance and host country negotiations are the next step of the process and should be concluded in a six-month timeframe. The uncertainty of the supply source must also be cleared up. The completion of the pipeline would enhance Turkey’s role and significance in European energy security.

Source: Today’s Zaman 

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