In a landmark agreement, officials and experts from six different countries have signed a deal in Turkey to provide support for a U.S backed gas pipeline, that would bring to ease a growing oil crisis in Europe. The agreements also aims at breaking the monopoly of the Russian Federation in the European region, in terms of providing oil and gas. The deal is set to be signed in Ankara, capital of Turkey, with Germany being a vital ally in this immensely important project.

This new pipeline, known as the Nabucco pipeline is expected to begin from Turkey’s eastern border, through Bulgaria Romania and Hungary, to its last destination being a gas terminal in Baumgarten, Austria. As of now, the Russian Federation is known to be the sole owner of all oil and gas pipelines currently providing these valuable resources across Europe. With a recent stoppage in gas supply from Russia, the all new Nabucco pipeline project has started getting the support it needs to turn into a reality.

However, Russia hasn’t been quite since the announcement of the Nabucco pipeline. In a latest statement, the Russian Federation has been quick to propose a new pipeline that it hopes, would rival the U.S backed initiative. Also known as the South Stream Pipeline, this new project is expected to be established in the Southeastern Europe and would be constructed under the Black Sea and will end in Bulgaria. Russia and Italy would share the responsibilities and profits from the pipeline.

According to energy security specialist, John Roberts,

“It’s one of those steps that moves Nabucco out of the possible column and into the probable column. My own guess is roughly by the end of the year, it will be pretty clear that Nabucco will be built.”

Via CNN.