LONDON (ShareCast) - Turkey and four European countries have signed a deal to build a gas pipeline aimed at reducing European reliance dependence on Russian natural gas.
The prime ministers of Turkey, Bulgaria, Romania, Hungary and Austria met
in Ankara today to sign the accord to construct the 3,300km Nabucco natural gas pipeline, which will stretch from the Caspian Sea to Western Europe.
European Commission president Jose Manuel Barroso said the project "is of crucial importance for EU's and Turkey's energy security," while the US hailed it as a "significant milestone."
The project had long been delayed by lack of commitment from customers and gas-exporting nations as well as funding setbacks.
"Sometime ago people said the project would not go ahead. I believe this pipeline is now inevitable rather than just probable," Barroso commented.
Erdogan said: "This project will be a success story that will prove the doubters wrong," adding that "the more steps we take the more the interest of supplier countries will grow."
European states have been keen to reduce their dependence upon Russian gas as an ongoing dispute between Russia and Ukraine saw supplies to Europe cut-off last winter.
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