Subscribe to our news feedEuropean Commissions helps fund Nabucco gas pipeline project
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Published on Friday 12th March 2010
The European Commission has pledged $273 million (£183 million) for a gas pipeline running from Turkey to Austria. Gas would be delivered from 2015 from the Caspian region, bypassing Russia and Ukraine, the blocs commissioner for energy Günther Oettinger revealed. The funding is a milestone for European energy policy as it is the first time the commission has provided funding to construct a gas pipeline. "Were not just supporting an idea anymore, were talking about funding," Mr Oettinger told a news conference in Brussels. The Nabucco project will cover over 2,000 miles and will also help Europe, which is trying to reduce its dependence on Russian gas. A total cost of $10.9 billion has been estimated to construct the pipeline and it is hoped the commissions pledge will help restart progress on the project to generate more funding. Last month, partners in the Nabucco pipeline revealed they will consider an application by French energy company GDF Suez to join the project. 
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