Turkey and EU sign pipeline deal
EU countries and Turkey yesterday signed a transit deal for the Nabucco gas pipeline, aimed at cutting Europe’s energy dependence on Russia, a major political step backers say will boost the project. Transit countries Turkey, Bulgaria, Romania, Hungary and Austria signed the accord for the €7.9bn European Union and US-backed project, which aims to supply Europe with gas from the Caspian and Middle East. The agreement irons out details over transit and tax issues for hosts of the pipeline. The signing of the long-delayed agreement is a boost to a project marred by political infighting and dogged by questions over supply and financing.