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Nabucco Project to Be Dropped by June - Report
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The Nabucco pipeline was supposed to span all the way to Iraq and Azerbaijan. Map from Nabucco Consortium
The EU-backed Nabucco natural gas pipeline project may be dropped for good by late June, according to a Russian media report.
The report came from ITAR-TASS, which has cited London business circles.
The fiasco of the project has been reportedly predetermined by drastic changes on the global gas market.
ITAR-TASS has reminded that a number of energy giants, including BP, have already pulled out of the project.
The Nabucco project aimed at lessening Europe's energy dependence on Russian energy was supposed to achieve a gas transport capacity of 31 billion cubic metres (bcm) a year.
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