Hungary committed to Nabucco, but cost still unclear, says Fellegi

Conferences

Hungary is fully committed to the construction of the Nabucco pipeline, but the final cost of the project remains unclear, National Development Minister Tamás Fellegi told journalists in London on Monday.

The estimated cost of the pipeline has risen from €7bn at the start to €24-26bn, Fellegi said before a conference on investments that leave a small carbon footprint.

The Nabucco pipeline is expected to bring gas from Central Asia to Europe, reducing the region's energy dependence on Russia.

If the external situation does not deteriorate further, Hungary's government believes the country's economy could grow 1.5% in 2012, he said, answering a question.

When asked about sectoral "crisis taxes", Fellegi conceded that "unconventional, unpleasant" government measures had reduced the degree of confidence between the government and the private sector, but said the "redistribution of the burdens of the crisis" was the only way keep the country from collapse.

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.