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Ukraine wants to participate in Nabucco pipeline construction

Ukraine wants to be involved in the construction of a natural gas pipeline from Central Asia to Europe, via Turkey and Romania, to diversify its energy supply.

„This project is extremely interesting for us,” President Viktor Yushchenko said yesterday in Romania, according to a statement released on his Web site. Yushchenko plans to send the details to Romania in the near future, the statement said. Turkey, Bulgaria, Romania, Hungary and Austria plan to build the Nabucco pipeline, which will start operating in 2011. Ukraine depends on imports, mostly from Russia, for about 80% of its energy needs. The country wants to invest in gas and oil extraction in Libya and the Black Sea. Ukraine's state oil and gas company NAK Naftogaz Ukrayny will invest as much as $30 million on exploring for oil and gas in Egypt. Russia cut off gas to Ukraine for three days earlier this month after it rejected a demand by OAO Gazprom, Russia's state-run gas-export monopoly, to pay quadruple the price. That led to shortages elsewhere to Europe, including Hungary, Italy and Germany. (Bloomberg)