National Press Club

Hungarian Envoy: Nabucco will End Dependence

October 2, 2008 | By Peter Hickman

Mihaly Bayer, Hungarian ambassador to the Nabucco oil pipeline told an October 1 Newsmaker that the pipeline would be a “diversion” from the current methods of importing natural gas solely from Russia, which exposes the European Community to “dependence on and the insecurity of Kremlin practices.” Mr. Bayer said Nabucco, which when completed will cover 2,050 miles from Turkey to Austria via Bulgaria, Romania and Hungary and to the Georgian and Iranian borders, is strongly backed by the U.S. and the European Union.

Progress for Nabucco is on schedule, he said, despite the conflict between Georgia and Russia. He also said he does not think the current U.S. financial crisis will “pose a problem” for the project. Nabucco’s cost is estimated at $11.63 billion. Construction is to start in 2010 and gas supplies scheduled to begin in 2013, Bayer said.