The current dispute between Russia
and Ukraine
underlines the importance of the European Union-backed Nabucco gas pipeline
project, since it would make Europe less dependent on
Russian gas, the project's chief said Tuesday.
"In view of current developments, diversification of sources and routes is
becoming increasingly importance," said project head Reinhard Mitschek.
"That's why Nabucco is now more important than ever," he said.
Nabucco is a 3,400-kilometer pipeline between Turkey
and Austria
that will transport up to 31 billion cubic meters of gas each year from the Caspian
Sea to western Europe.
The pipeline currently has six shareholders - OMV AG (OMV.VI) of Austria,
MOL Nyrt (MOL.BU) of Hungary,
Transgaz of Romania, Bulgargaz of Bulgaria, Botas of Turkey and RWE AG (RWE.XE)
of Germany.
But the project has so far proved slow-moving with the necessary approvals and
agreements between the countries concerned still to be signed.
Mitschek expressed optimism that key progress would be made in the first
quarter of this year.