ESSEN, Germany, Jan. 18 (UPI) -- The approach to Nabucco remains the same, though an interest can only continue if the project is supplied and economic viable, German company RWE said.
Europe aims to break the Russian grip on the regional energy sector through a package of projects dubbed the Southern Corridor, which includes the Nabucco pipeline.
Shareholder RWE said in a statement that its "fundamental approach" to Nabucco is unchanged but it would only contribute to projects with secured natural gas supplies and those that are "economically viable."
Critics of Nabucco point to the estimated $11 billion price tag for a project that would stretch some 2,000 miles from the borders of Turkey to Austria as a reason to be wary. Meanwhile, project directors have yet to land secure contracts with potential suppliers, notably those working in Azerbaijan.
Also, Baku and Turkish pipeline company BOTAS signed a memorandum of understanding to build the $5 billion Trans-Anatolian gas pipeline through Turkey, a memorandum that RWE said was something to consider when weighing options on Nabucco.
In 2011, German Chancellor Angela Merkel, in response to the Japanese nuclear disaster, ordered eight of the country's 17 nuclear reactors closed by year's end and a total shutdown by 2022. The decision may have cost RWE millions of dollars in earnings.
