Pipeliners

28 February 2008 - Upstream OnLine - Russian President Putin poured scorn on the Nabucco pipeline project today, saying partners such as Hungary and Serbia need only take out a calculator to conclude Russia's plans are more profitable. Putin was speaking ahead of a Kremlin signing ceremony with Hungarian Prime Minister Ferenc Gyurcsany which will add Budapest's support to Moscow's South Stream gas pipeline, which has been competing with the EU-backed Nabucco project. "The task of our partners is simple, take a calculator and look at the figures," Reuters quoted Putin as saying. "It is apparent that the project we propose can be realised and is backed with resources. If someone wants to dig the soil to bury tubes there, we don't mind," said Putin. The EU hopes the Nabucco project will lessen its reliance on Russia by pumping gas from central Asian producers to central Europe via the Balkans. Putin said the security of supply to European energy markets would be strengthened by Hungary joining Russia's South Stream gas pipeline project. "If this project is realised and I have no doubt it will, the role of Hungary as an important link in the European energy chain will grow and the stability of supplies will get stronger," said Putin. Gyurcsany said Hungary was prepared to continue to support Nabucco, but added he believed South Stream will be built first. "We try to keep two things in one pack, so there is more competition. You were faster than the other form of co-operation called Nabucco," said the Hungarian leader. Putin replied that Russia was "not competing with anything".