EC, CEE Energy Ministers Sign Accord on Nabucco Project Speed-up

27. Juni 2006, 00:00

At a ministerial conference on Nabucco in Vienna, the European Commission and EU member and candidate states...

At a ministerial conference on Nabucco in Vienna, the European Commission and EU member and candidate states energy ministers agreed to accelerate work on the commercial, regulatory and legal aspects of the Nabucco gas pipeline project.

Signatories to the accord inked Monday were ministers of Bulgaria, Austria, Hungary, Romania and Turkey, as well as the EU commissioner for energy Andris Piebalgs.

The project, estimated to cost EUR 5 billion, will funnel gas from the Caspian region to the EU. It is believed to become the first route through Southern Europe, namely Turkey, Bulgaria, Romania, Hungary and Austria.

The European Investment Bank (EIB) will cover 30 per cent of the cost. The World Bank and the European Bank for Reconstruction and Development have pledged to join in.

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