Word: gas
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...quarter of a century, Russia has been Europe's single biggest gas supplier, providing about a third of all the gas the European Union uses each year. But while the gas is cheap and plentiful, this arrangement has created an energy dependence that makes the E.U. vulnerable to Moscow's shifting moods. That was the case in January, when Russia tried to settle a payment dispute with Ukraine, its main transit country, by turning off the taps. In the three weeks it took to get the gas flowing again, Bulgaria's reserves ran out, Slovakia was forced to declare...
...attempting to wean itself off its addiction to Russian gas with a new pipeline. On Monday, five European governments signed an agreement in Ankara to build the Nabucco gas pipeline, which will bring Middle Eastern and Central Asian gas to Western Europe via Turkey and the Balkans - completely bypassing Russia. (See pictures of the changing face of Europe...
...still at least six years away, officials hailed the "new silk road" for finally bringing some balance to the E.U.'s energy security. European Commission President José Manuel Barroso said the Nabucco project "is of crucial importance for Europe's energy security and its policy of diversification of gas supplies and transport routes...
...ambitious $11 billion Nabucco project for seven years. The development of the pipeline, which will run initially from the Turkish capital to Baumgarten in Austria, has been beset by political bickering. But if completed as planned by 2015, the line could bring up to 31 billion cu m of gas a year from the Caspian Sea and the Middle East across Turkey and into Europe. (See pictures of Obama in Europe...
...That's still only about 10% of the E.U.'s gas demand. By contrast, Russia exports 140 billion cu m of gas to the E.U. every year. But Nabucco could break Russia's stranglehold over countries that are most dependent on its gas and most vulnerable during winter cutoffs, such as Bulgaria, Slovakia and Romania. That dependence has also long undermined the E.U.'s efforts to create a common market for European energy, with transparent pricing and a single negotiating stance with suppliers like Russia...