Shareholders are fleeing from Nabucco, preferring the South Stream

Hungarian Prime Minister Viktor Orban said that Hungary withdraws from the project, preferring him to the Russian "South Stream". Experts point out that Nabucco really passed the point of no return: he loses the chance of even those gas supplies, which previously agreed to the project shareholders.

Hungary out of the gas pipeline project Nabucco. This was announced on Monday, the Hungarian Prime Minister Viktor Orban. According to him, the project is facing difficulties, and therefore "not even a Hungarian MOL is leaving him."

  • Hungarian Prime Minister Viktor Orban
  • Hungarian Prime Minister Viktor Orban

Hungary relies on Russian project "South Stream", which from the beginning was considered the main rival to Nabucco. The Russian pipe no problems with resources.

Orban said that Russia is increasingly active in the implementation of the "South Stream", in which Hungary is also involved. "In Hungary, there are simple economic reasons in favor of participation in the Russian project" — said the Hungarian Prime Minister.

MOL, which owns 16,67% Nabucco, said Monday that around the project, "there are a lot of uncertainties that are difficult to ignore," not officially confirmed nor disproved his way out of Nabucco.

The Nabucco pipeline should reduce European dependence on Russian gas market and is designed to supply gas to Europe from the Caspian Sea region, and in the long term, probably from Iran and Iraq. In the Nabucco project with equal stakes of 16.67% participating Austrian OMV Gas &Power GmbH, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE Supply &Trading GmbH. Investments are estimated at about 7.9 billion euros, but last summer there was unofficial information, according to which the cost estimate has almost doubled — up to 12-15 billion euros. Experts attributed this increase in the price of steel and pipes.

Terms of putting into operation of the gas pipeline has been repeatedly postponed, most recently Nabucco Gas Pipeline announced their displacement from 2015 th to 2017. This is mainly due to the fact that the shareholders have not found a supplier of gas in a pipe.

"The statement Orban addressed primarily to Brussels, — says the head of the National Energy Security Fund Konstantin Simonov. — Hungarian Prime Minister understands that Nabucco is a project actually is "dying", and the first openly declares it: it is a unique response to the European Union on charges of infringement of Hungarian democracy (EU started to talk about it after the Hungarian government began to change the constitution) " .

Nabucco, according to Simon, really already passed the point of no return.

"The only gas, which Nabucco shareholders are seemingly unable to agree — 10 billion cubic meters from Azerbaijan's Shah Deniz field — and that in their pipe will not go, — said Simonov. — Azerbaijan has made it clear that he is interested in the pipeline, in which he will have a majority, and therefore lobbying pipe TANAP (Trans-Anatolian gas pipeline that would connect Azerbaijan and Turkey, and Turkey is of Azerbaijani gas will go to the European Union). "

In the absence of security of supply of gas to Nabucco can not be contracted by consumers, and in the absence of contracts banks do not give loan for construction of pipes, like an expert.

Important is not so much the fate of the pipe Nabucco, the fact of how much gas supplies from the Caspian region, the head of East European Gas Analysis Mikhail Korchemkin: "The arrival of Caspian gas to the EU by the shortest route through Turkey is inevitable. Will this project called Nabucco — is not so important. " This gas will be serious competition for the Russian European markets, said the expert: Kapiyskom gas production in the region and its delivery to the EU will be cheaper than, for example, production and transportation of gas to Europe from the Yamal Peninsula. "Turkmenistan and Azerbaijan can sell its gas to Europeans cheaper than" Gazprom ", but to make more money — says Korchemkin. — Therefore, investors gas in the Caspian region more attractive Yamal ".

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