In Ankara, the capital of Turkey, representatives of Romania, Bulgaria, Hungary, Austria and Turkey signed an intergovernmental agreement for the Nabucco pipeline project.
Intergovernmental agreement signing was expected with the emotions of all involved in the Nabucco project, especially when it is decisive for the construction pipelines. Emotions were created especially harsh conditions put by Turkey, a country which will host most of the pipeline. According to many analysts, Nabucco, the pipeline will supply Central and Western Europe with natural gas from Asia, has two major meanings. First, the nature of practice is a new source of raw materials for large gas consumers in Europe. The second is political significance: the EU proves that Russia, despite differences between Member States, may find an alternative to quasi-monopoly Gazprom.
The agreement signed today becomes effective once all countries will ratify. Project costs are estimated at 7.9 billion, but fund raising many questions. Financial crisis even more difficult process of attracting investors. Another problem is the lack of reliable suppliers in the long term. Agreements with gas suppliers such as Iraq, Egypt and Turkmenistan are still at the discussion level, yet. After countless delays, work has started for 2011, first gas deliveries are expected in 2015. In addition, clamp reducing of dependence of Russian gas is just an exercise of the image. Nabucco will provide only 20% of Europe’s gas, the remaining 80% will come from all Gazprom pipelines.
An interesting opinion that I noticed it is the director of the National Institute for Energy Security of Russia, Constantin Simonov. “This project is a symbol of the EU political ambitions, but this work would have to lose both Russia and Europe. Leaders in Moscow will be more difficult to negotiate with the responsible middle of Asia: they will have to promise loans, support in some projects or projects for the blocking of certain countries. And the EU will be forced to take account one of future transit country – Turkey, which long time wishs to take part in the European family ” concluded Simonov.