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    New Europe: With Nabucco wounded, Putin closes in for the kill

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Summary

Julian Lee, senior energy analyst at the Centre for Global Energy Studies says that MOL’s withdrawal possibly casts doubt over the stability of Nabucco. But he noted that it also opens up the chance for new shareholders to be brought into the reconfigured Nabucco.

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New Europe: With Nabucco wounded, Putin closes in for the kill

Hungary’s MOL said earlier last week it considered further financing of Nabucco unsustainable and had therefore not approved its 2012 budget. Hungary’s Prime Minister Viktor Orban added that Nabucco was “in trouble”. Instead, Budapest threw its weight behind the Russian-backed rival South Stream pipeline.

Nabucco is also facing competition from the South-East Europe Pipeline (SEEP). BP and its partners in the Caspian Sea developing Azerbaijan’s Shah Deniz gas field plan to make a final decision on an export route to Europe by the middle of 2013. The group will choose between Nabucco and the SEEP by the middle of this year. The Trans-Adriatic Pipeline (TAP) is also vying to carry gas from Azerbaijan to Europe and will face off with either Nabucco or SEEP.  

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