The European Commission (EC) welcomes the agreement for speeding up the execution of the Nabucco gas pipeline construction project, EU energy commissioner Andris Piebalgs said.

On June 26 Piebalgs met the energy ministers of the countries participating in the project including Bulgaria, Austria, Hungary, Romania and Turkey, Bulgarian National Radio (BNR) reported. The ministers agreed to speed up the commercial and regulatory aspects of the construction work.

The agreement was signed during a summit in Vienna, dedicated entirely to the Nabucco project.

The $ 5.8 billion Nabucco project involves the construction of a gas pipeline delivering gas from Iran to EU member states. Piebalgs said that since gas was a key factor for the development of EU's economy, the EC would guide all investment in gas transportation projects by providing help in solving technical problems.