Russia retains key position in European energy market

The daily Gândul writes that Russia will continue to play a crucial role in the European energy market despite the Nabucco project: "Compared with the 20 billion euros the Russians estimate South Stream will cost Nabucco is a real bargain, costing 'only' eight billion. The only problem is that the money for Nabucco must come not only from the EU and participating states (which are not about to invest in two similar projects in the midst of the economic crisis): there must also be private investors. However the major Western companies have already decided that South Stream has better prospects [of finding gas suppliers]. How can one otherwise explain the decision by Germany and France to cut funds for Nabucco if it's the sole European project? Yesterday in Ankara the Europeans and Americans admitted what they have been denying for years: it won't work without Russia. The next move belongs to the Kremlin."

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