Below is my latest article for Natural Gas Europe, original here:
In a surprise late-game announcement, Hungary has apparently switched its support from to Gazprom’s rival pipeline, leaving the once-mighty pipeline consortium looking weaker than ever. If, as rumoured, Hungary’s is pulling out of the project, it may – as analysts are already predicting - be a ‘’.
But MOL’s ambiguous statement and the lack of clarity from Nabucco will hardly reassure sceptics: it suggests that the company is indeed on the way out.
The political angle also needs consideration. Orbán has repeatedly clashed with Brussels over his to toe the EU fiscal line and his perceived streak.