Bulgaria ratifies Nabucco pipeline deal

(SOFIA) - The Bulgarian parliament formally gave its blessing Wednesday to the European Union's flagship Nabucco gas pipeline, aimed at reducing Europe's reliance on Russian gas.

Five countries -- Austria, Bulgaria, Hungary, Romania and Turkey -- all signed an agreement last July to go ahead with the 7.9-billion-euro (11.1-billion-dollar) pipeline that will pump 31 billion cubic metres of gas each year from the Caspian Sea to Europe, starting in 2014.

But the deal also needs formal ratification by parliament and Bulgaria is the third country after Hungary and Austria to give it.

The Bulgarian parliament voted unanimously in favour of the deal, with deputies saying Nabucco would enable Bulgaria to reduce its almost total dependence on Russian gas supplies and diversify its energy sources.

This week, a spokesman for the international consortium building the 3,000-kilometre (1,864-mile) pipeline, said 2010 would be crucial for securing the financing for the project.

"Our aim to have the contracts with the investors by the end of this year," spokesman Christian Dolezal told AFP.

The Nabucco consortium comprises RWE of Germany, OMV of Austria, Botas of Turkey, Bulgargaz of Bulgaria, MOL of Hungary and Transgaz of Romania.