Azerbaijan withdraws from Nabucco

Azerbaijan announced on 26 June 2013 its withdrawal from the Nabucco West Pipeline (Turkey, Bulgaria, Romania, Hungary). The country will export its oil to Europe through the Trans-Adriatic Pipeline (Greece, Albania, Italy).

The Trans-Adriatic is a joint venture company involving Axpo (Switzerland 42.5%), Statoil (Norway, 42.5%) and E.ON Ruhrgas (Germany, 15%).

The construction of Nabucco East started losing momentum already in December 2011. Azerbaijan’s pullout from the western segment could deal the fatal blow to this U.S.-sponsored project.

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