EU energy Commissioner Andris Pielbags signed a joint statement with Ministers from transit countries involved in the Nabucco gas pipeline project pledging to work for its successful completion with financing help from the EU. The statement was signed with Turkey Bulgaria, Romania, Hungary and Austria who is leading a consortium of utilities backing the scheme through energy company OMV.
"The EU will continue to support this project, not only politically, but also [with finance] for feasibility studies," said Piebalgs who was cited by the Financial Times.
The new pipeline stretches for 3,400 kilometres across South East Europe, from Central Austria to the end of Anatolia. It would allow gas to be transported from countries such as Iran, Azerbaijan and Turkmenistan in the Caspian region.
Significant flows of gas are not expected before 2012 when the pipeline is due to be fully completed. But the move carries extra political significance as the EU prepares for the G8 summit in St Petersburg where energy supply security and Russia's role as a stable supplier will be the centre piece of discussions.
The EU is actively trying to diversify its energy supplies in a drive to reduce its dependency on suppliers such as Russia (gas) and the Middle East (oil). A discussion on a possible future common EU energy policy was launched in March, a key part of which seeks to raise the EU's profile in foreign energy policy (see EurActiv's LinksDossier on the Energy Green Paper).
