Europe searching for financing for NABUCCO

The EU has already stated that it does not consider Russia a reliable partner for transiting its natural gas to Europe via Ukraine. The recent “gas attack” on Ukraine and Europe from the Russian side has proved to EU that it is absolutely necessary for it to accelerate the development of alternative ways of providing natural gas to Europe.

In this respect the NABUCCO project has become very important. This was once again stressed during the recent visit of Benita Ferrero-Waldner to the South Caucasus countries, particularly in Baku. Prominent Azeri economist Fuad Rasulov thinks that after the formalities are over and certain conditions have been met NABUCCO construction will precede quickly.

A very important issue however is the position of Turkmenistan and Kazakhstan. If they don’t guarantee to transit their natural gas through this pipeline the NABUCCO project is under threat. Obviously Russia will do its utmost to put pressure on Turkmenistan and Kazakhstan and try to prevent them participating in this project.