
The Nabucco project gained some momentum in mid-July with the signing of an inter-governmental agreement between countries involved in the natural gas pipeline proposal. If completed, the pipeline would unlock reserves from the Caspian region and potentially the Middle East, thus providing the European gas market with sources of supply outside of Russia. The purpose of the agreement, signed by representatives of the European Commission, Austria, Bulgaria, Romania and Turkey, was to outline a legal framework for transiting gas through the system, and to address other issues such as tariff levels and access to the pipeline network. The signing was […]