Reuters: Bayerngas keen on Nabucco as uncertainty looms

Germany's Bayerngas intends to join the Nabucco pipeline consortium, a Bayerngas spokesman said on Wednesday, even after Hungary's MOL cast doubts over the project, which aims to pipe Caspian Sea gas to Europe.

MOL, one of six current consortium members, said on Tuesday it considered any further financing of Nabucco unsustainable and had therefore not approved its 2012 budget, casting doubt over the stability of the project.

"We continue to be in talks with the Nabucco consortium," the Bayerngas spokesman said in response to an enquiry by Reuters. He added Bayerngas aimed for a decision this year and a precondition was that the project be economically viable.

The European Union is keen to reduce its dependency on Russian gas imports and has developed the so-called Southern Gas Corridor plan to transport central Asian gas into Europe, of which Nabucco would be part.

Sources at the Nabucco consortium, headquartered in Vienna, said there were talks with several potential new stakeholders.

"We've got six of them (shareholders) and will have more in the future if the project gets implemented," a senior source at Nabucco said.

MOL is not the only shareholder with doubts over Nabucco's viability, however.  MORE