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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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