Nabucco fails to compete with TANAP
“Nabucco” international project is near collapse, Russian “Nezavisimaya gazeta” reported.
“Azerbaijan’s president Ilham Aliyev mainly protects the interests of Azerbaijan’s state oil company. There are lots of other projects and it is difficult to say which one will be preferred. But obviously “Nabucco” is unable to win the competition,” the paper writes.
According to the source it was failed to find neither gas sources nor financing. “The European banks that were tasked to finance the first entry of the project, didn’t hurry to do it because of the lack of resources. On December 26, 2011 Turkey and Azerbaijan have signed TANAP project which costs 7 billion euro. Hence “Nabucco” failed to compete with TANAP.”