RWE Executive:Nabucco Gas Supply Deals Now Unlikely In 1st Half 2010
May 04 2010 - 8:15AM
Dow Jones News
German utility RWE AG (RWE.XE), a member of the consortium that
plans to build the natural gas pipeline Nabucco, said Tuesday it no
longer expects gas supply deals with Azerbaijan and Turkmenistan
will be signed in the first half of 2010 in light of pending
political agreements between the two countries and the European
Union.
The original target of striking deals with Azerbaijan and
Turkmenistan is now unlikely to be reached, said Stefan Judisch,
chief executive of RWE's supply and energy trading unit, in a
conference call to journalists.
"We expect to reach results [in terms of supply deals] in coming
months," after certain intergovernmental contracts have been
signed, Judisch said.
Judisch added, however, that a final investment decision is
still expected to be made before the end of the year and first gas
will likely flow in 2014.
The pipeline, slated to transport gas from the Caspian region to
central Europe via Turkey and Austria, is considered crucial to
secure Europe's growing demand for natural gas as domestic supply
is steadily falling.
With a planned capacity of up to 31 billion cubic meters of gas
a year, Nabucco would further diversify Europe's supply sources,
bypassing traditional pipeline routes for Russian gas.
Company website: www.rwe.com
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com
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