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Intergovernment agreement needed to speed up Nabucco project

The Nabucco gas pipeline project will accelerate if the countries of companies participating in the consortium building the pipeline sign an intergovernment agreement supporting the project, Hungary's envoy for the pipeline Mihály Bayer told a special committee in Parliament.

The importance of the intergovernment agreement as well as political support was stressed too at the meeting by Foreign Minister Kinga Göncz, state secretary at the National Development and Economy Ministry Csaba Molnár and CEO of oil and gas company MOL Zsolt Hernádi.

It is important that political, not only economic ties are established with suppliers to the pipeline, Göncz said.

Countries who will supply the pipeline must be convinced that the project will be implemented, Bayer said.

The Brussels-backed Nabucco pipeline will bring gas from Central Asia to Europe, reducing the region's dependence on Russian energy. (MTI – Econews)