BUDAPEST, Jan 23: Europe must demonstrate clear political and financial support for its ambitious Nabucco gas pipeline if the project is to get off the ground, Hungarian Prime Minister Ferenc Gyurcsany said on Friday.

Speaking ahead of the planned Nabucco “summit” in the Hungarian capital next week, Gyurcsany told the MTI news agency that one of the main goals of the two-day meeting would be to secure clear financial and political commitment from the EU.

“We expect the European Bank for Reconstruction and Development and the European Investment Bank to make a clearer commitment to pre-financing the project,” the premier said.

“This project is not purely about business but also about Europe’s energy security. It is therefore vital to make sure we have resources that are backed and guaranteed by the EU.” Nabucco is a 3,400km pipeline between Turkey and Austria aimed at transporting up to 31 billion cubic metres of gas each year from the Caspian Sea to western Europe, bypassing Russia and Ukraine.—AFP