Head of Hungary's Nabucco committee urges action on gas pipeline
The Earth Times, 29 Dec 2008
Budapest - The head of Hungary's ad hoc parliamentary committee on the Nabucco gas pipeline said on Monday that no more time should be wasted in setting up of an international advocacy body to push for political commitment to the project. The Nabucco gas pipeline project, favoured by the EU and the US, aims to reduce Europe's reliance on Russian gas by bringing in alternative supplies from the Caspian Sea region.
While oil prices have fallen by a quarter, gas prices remain sky high, said the liberal politician Janos Koka on Monday. "And if it is up to (Russian Prime Minister Vladimir) Putin, they will stay there," he said in an interview with local news agency MTI.
The former Hungarian economy minister spoke of a looming repeat of the crisis in 2006 when Russia cut gas supplies to Ukraine in a dispute over pricing.
The events jeopardised gas supplies to countries in the region including Hungary, said Koka. The former Eastern-bloc country still relies on Russia to supply about 80 per cent of its natural gas.
Koka slammed the EU for making strategic plans regarding Nabucco instead of taking concrete action. He said that guarantees of financial backing to the tune of 6 to 8 billion euros are needed from EU banks.
"For this, political agreement and a display of broad political support are needed," said Koka.
Koka called for the maintenance of warm relations with potential suppliers of gas, such as Iraq and Egypt.
He added that Hungary should be among the first to hold talks with the Obama administration over how the US can help Europe to increase its energy security.
So far six energy companies have signed up for equal shares in Nabucco project: the Austrian energy company OMV and the German RWE, as well as firms in transit countries Hungary (MOL), Turkey (Botas), Romania (Transgaz) and Bulgaria (Bulgargaz).
The consortium estimates that building the 3,300-kilometre pipeline will cost around 7.9 billion euros.
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