The decision to finance Nabucco postponed for 2011 as  negotiations with Azerbaijan stall

The final decision to finance Nabucco will not be taken this year and will be postponed for 2011 as negotiations with Azerbaijan stall, Reuters informs. The EU should finance this project by 7.9 billion euro which is meant to diversify natural gas resources.

Nabucco will bring to Europe 31 billion cubic meters of natural gas from the Caspic Sea region, through Turkey and the Balkans including Romania. The construction of this project, which suffered repeated postponing was scheduled for next year.

Azerbaijan negotiates with over 20 companies and will take a decision by the end of the year. The Baku government underlined that agreements will be signed with those who offer the best price and Nabucco and Russia are the main competitors.