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Europe Rejects the Nabucco Pipeline

Published: July 22, 2013 | 9:57 am
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Europe is saying ‘no’ to the Nabucco pipeline. The old continent will instead receive its natural gas from the Trans-Adriatic Pipeline (TAP). The collapse of the 7 billion USD project has been caused by its size, costs, and a lack of investors. Will Georgia benefit financially from the new project? A spokesman for the Georgian Oil and Gas Corporation has told TV3 that the construction of the TAP pipeline will enable the country to obtain transit payments.

The TAP project will combine the existing Azerbaijani, Georgian and Turkish pipelines, and deliver natural gas to Europe via Greece and Albania. The project will be financed by British Petroleum, the Norwegian Statoil, the Azerbaijani Socar, and other investors. The Nabucco project had envisaged the transit of gas from Azerbaijan to Europe via Turkey.

 

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