July 9, 2009

Hungary urges Nabucco gas pipeline

Hungary is urging interested countries to speed up talks on construction of the Nabucco pipeline to carry gas from central Asia to Europe, officials said.

Mihaly Bayer, Hungary's Nabucco pipeline representative, said the countries that sign an inter-government agreement scheduled for next week in Turkey, also should sign a political declaration to support the project, which is planned to reduce Europe's dependence on Russia's supply of natural gas.

The countries that are to be involved in the Nabucco project include Turkey, Bulgaria, Romania, Hungary and Austria.

A decision on investments for the Nabucco pipeline that is to carry natural gas from the Caspian Sea region's countries to Austria, is expected to be taken in 2010, the Hungarian news agency MTI said Thursday.

The pipeline is to cost about $11 billion and its construction is to begin in two or three years.

The Bulgarian news agency SNA reported Thursday Bulgaria plans to consider Nabucco pipeline as a project of national significance.