Nabucco Project to Be Dropped by June - Report

The Nabucco pipeline was supposed to span all the way to Iraq and Azerbaijan. Map from Nabucco Consortium

The EU-backed Nabucco natural gas pipeline project may be dropped for good by late June, according to a Russian media report.

The report came from ITAR-TASS, which has cited London business circles.

The fiasco of the project has been reportedly predetermined by drastic changes on the global gas market.

ITAR-TASS has reminded that a number of energy giants, including BP, have already pulled out of the project.

The Nabucco project aimed at lessening Europe's energy dependence on Russian energy was supposed to achieve a gas transport capacity of 31 billion cubic metres (bcm) a year.

On May 16, the Nabucco Consortium presented a revised, smaller version of the gas pipeline project called Nabucco West to the consortium developing the Shah Deniz II gas field in Azerbaijan.

On Sunday, Dimitar Abadzhiev, Bulgaria's representative in Nabucco Gas Pipeline International GmbH, sought to dispel claims that the EU-backed energy diversification project is unfeasible.

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