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PM says that EU to provide financial support for Nabucco

  Prime Minister Ferenc Gyurcsány said in Brussels while attending a two-day EU summit that the Nabucco gas-pipeline has been included by name on a list of projects to receive support as part of the European Union’s €5 billion development package.

Gyurcsány added that in addition to the €200 million in support for the Nabucco pipeline, the European Union will also provide subsidies for several rural- and Internet-development projects as well as other energy-related undertakings that will be beneficial to Hungary.

The prime minister remarked that calculated at a euro-forint rate of 300, Hungary will be obliged to pay HUF 12-13.5 billion to the European Union until the end of 2011 in order to help finance the development package.

Gyurcsány said that Hungary will also receive €30 million in support to build a Hungarian-Slovakian gas pipeline, another €30 million for a Hungarian-Romanian pipeline and €20 million for a Hungarian-Croatian pipeline.

The EU development package will include a further €20 million for a power line between Austria and Hungary. The EU will spend a total of €80 million on developments aimed a restructuring the flow of gas in the region.

Hungary can expect HUF 15-18 billion in support for energetics developments. The Hungarian section of Nabucco will receive HUF 15-21 billion. Hungary will also receive HUF 13.5 billion in support for rural and Internet development.

Excluding support for the Nabucco project, Hungary will receive HUF 16.5-18 billion more in support than it pays to the EU in connection to the package. Support for the Nabucco project increases this balance to HUF 33-39 billion. (MTI-Econews)