Bulgaria Signs Nabucco Pipeline Speed-up Accord
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The European Commission has agreed with energy ministers of member and acceeding states to speed up the commercial, regulatory and legal work on the Nabucco gas pipeline project.
Energy ministers of Bulgaria, Austria, Hungary, Romania and Turkey, as well as the EU commissioner for energy Andris Piebalgs signed the agreement Monday, at the end of a ministerial conference on Nabucco in Vienna.
The pipeline worth of more than EUR 5 B is projected to connect the EU gas market to the Caspian region and is likely to be the first of many supply routes through Southern Europe, namely Turkey, Bulgaria, Romania, Hungary and Austria.
Some 30% of the cost will be financed by the European Investment Bank (EIB) and the World Bank and the European Bank for Reconstruction and Development have also declared readiness to add their financial support.
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Energy ministers of Bulgaria, Austria, Hungary, Romania and Turkey, as well as the EU commissioner for energy Andris Piebalgs signed the agreement Monday, at the end of a ministerial conference on Nabucco in Vienna.
The pipeline worth of more than EUR 5 B is projected to connect the EU gas market to the Caspian region and is likely to be the first of many supply routes through Southern Europe, namely Turkey, Bulgaria, Romania, Hungary and Austria.
Some 30% of the cost will be financed by the European Investment Bank (EIB) and the World Bank and the European Bank for Reconstruction and Development have also declared readiness to add their financial support.
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