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Trade Contracting
September 9, 2010
Nabucco gas pipeline gains support in Europe
BRUSSELS, Belgium
Three international financial institutions have thrown their weight behind an international pipeline aimed at helping Europe reduce its dependence on Russian natural gas.
The European Bank for Reconstruction and Development, the European Investment Bank and an affiliate of the World Bank Group are getting behind the Nabucco pipeline.
A financial package would provide up to $4 billion for the Nabucco pipeline, which would carry gas up to 4,000 kilometres from Azerbaijan and Turkmenistan to Austria.
The pipeline could transport 31 billion cubic meters of gas a year. The European Union is supporting the initiative. It agreed earlier in the year to provide Nabucco with a grant of $200 million.
Associated Press
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