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Proposed Nabucco Gas Pipeline Gets European Bank Backing | Europe | Deutsche Welle | 27.01.2009
The heads of the EU's European Investment Bank and the European Bank for Reconstruction and Development (EBRD) said Tuesday, Jan. 27, that they are prepared to provide financial backing for the Nabucco gas pipeline. 

Spurred on by Europe's worst-ever gas crisis earlier this month, which left millions of homes across the continent without heat in the depths of winter, Hungarian Prime Minister Ferenc Gyurcsany invited top-ranking officials from both the EU and the countries involved in Nabucco to inject fresh momentum into the slow-moving project.

Nabucco, an ambitious but still-unbuilt gas pipeline aimed at reducing Europe's energy reliance on Russia, is a 3,300-kilometer (2,050-mile) pipeline between Turkey and Austria. Costing an estimated 7.9 billion euros, the aim is to transport up to 31 billion cubic meters of gas each year from the Caspian Sea to Western Europe, bypassing Russia and Ukraine.

Nabucco currently has six shareholders -- OMV of Austria, MOL of Hungary, Transgaz of Romania, Bulgargaz of Bulgaria, Botas of Turkey and RWE of Germany.

by Fran (fran at eurotrib dot com) on Tue Jan 27th, 2009 at 04:30:47 PM EST
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BBC NEWS | Europe | EU pipeline scheme gains momentum

Central and southern European leaders have voiced strong backing for a major pipeline project that could reduce EU reliance on Russia for gas.

But the talks in the Hungarian capital Budapest did not result in a pledge of direct financing for the 3,300km (2,050-mile) Nabucco gas pipeline.

Nabucco would bring Central Asian gas to western Europe via Turkey and the Balkans, bypassing Russia.

It is expected to account for no more than 5% of EU gas needs.

The Budapest meeting followed serious disruption to European gas supplies during Russia's recent dispute with Ukraine.

by Fran (fran at eurotrib dot com) on Tue Jan 27th, 2009 at 04:32:14 PM EST
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It's so damn frustrating to see so much political capital invested in this. What a waste.

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Jan 28th, 2009 at 08:54:40 AM EST
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Russia 'halts missile deployment'

My hope is that this would be the first in a series of reciprocal moves that would bring Russia and the US and Europe back into innovative partnership on not just energy issues.

You can't be me, I'm taken

by Sven Triloqvist on Wed Jan 28th, 2009 at 09:06:55 AM EST
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I asked this question in your diary. now this could all be a bio-fuel type mistake, but I have to wonder seeing as the pipeline is supposed to go awfully close to real supplies.

<blockuqote>I was wondering if all of this was a bluff. There's a huge amount of political effort going into building a pipeline and I refuse to believe they'd be building it to nowhere unless the somewhere was politically not to be spoken aloud.

Instead of turning left, how about turning right ? Mosul ? I R A N ? </blockuqote>

keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Wed Jan 28th, 2009 at 09:31:38 AM EST
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