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Azerbaijan withdraws from Nabucco

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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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