Hungary finally throws its weight behind EU’s Nabucco pipeline

World

Hungary on Tuesday appeared to change its policy on the Nabucco pipeline, a European Union-backed project aimed at reducing dependence on Russian gas, when Economy Minister János Kóka said that his government backed the plan.

Kóka, speaking to reporters ahead of Friday’s international conference on the Nabucco project in Budapest, said that the conference demonstrated Hungary ‘is committed’ to the pipeline. Hungary had appeared to be leaning toward backing an extension of Russia’s Blue Stream pipeline, with Prime Minister Ferenc Gyurcsány criticizing Nabucco for lacking a clear direction.

Both Nabucco and the Blue Stream extension are to carry gas to the EU via Turkey and the Balkans, with the main difference being that Nabucco would transport gas from the Middle East and Central Asia. The EU is looking to reduce its dependence on Russian gas since supplies were interrupted following spats between Russia and transit nations Ukraine and Belarus. Hungary, which is almost entirely reliant on Russian gas, was hit particularly hard by the interruptions.

Kóka said that the Russian project would only cut technological risks and that a new pipeline was needed to diversify supply. While Kóka said that he now supports Nabucco, he also said that Hungary would use the conference to push for the pipeline to be opened up to third parties, including Russia. The €4.6-billion ($6.36-billion), 3,300-kilometre Nabucco pipeline is scheduled for completion in 2012, although work is not due to start until 2009. (monstersandcritics)

ADVERTISEMENT

Consumer price levels below EU avg in 2020 Analysis

Consumer price levels below EU avg in 2020

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.