POLITICS
NABUCCO PROJECT – PRIORITY FOR EUROPEAN UNION
Die Presse, Austrian newspaper, published an article on European Union`s Nabucco project.
It says Benita Ferrero-Waldner, European Commissioner for External Relations and European Neighbourhood Policy, favors building better relationships with the Caucasus region in order to reduce energy dependency on Russia.
Author claims oil-rich Azerbaijan achieved 35% economic growth in 2006 and 24.7% in 2007 by effectively using revenues from the export and transit of oil.
The European Union is well aware of its dependency on Russia, and that is why it must secure diversified gas supplies.
Russia`s 125 bln cubic meters of gas meet one fourth of Europe`s demand. Azerbaijan is a very attractive partner for Europe as it is both a producer and a transit country for gas transportation from the Central Asia to Europe.
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