UPDATE: RWE Signs Gas Partnership With Iraq's Kurdistan Region
August 27 2010 - 7:39AM
Dow Jones News
German utility RWE AG (RWE.XE) said Friday it has signed an
agreement with the Kurdistan regional government to develop the
northern Iraq region's natural gas infrastructure and source gas
from the area to feed the planned Nabucco pipeline.
In an emailed statement the company's gas procurement wholesale
unit--RWE Supply & Trading--said the agreement aims at helping
the region "to develop and design its domestic and export [gas]
transportation infrastructure" to market Kurdistan's gas
reserves.
RWE Supply & Trading also said it hopes the partnership will
help to negotiate "gas supply agreements to enable gas from the
region to be transported to Turkey and Europe via the Nabucco
pipeline".
"We hope to very soon reach agreement on supplies of gas from
the Kurdistan region of Iraq," said RWE Supply & Trading Chief
Executive Stefan Judisch.
The consortium behind the estimated EUR7.9 billion
Turkey-Western Europe Nabucco pipeline comprises Austria's OMV AG
(OMV.VI), Romania's Transgaz, Bulgaria's Bulgargaz, Hungary's MOL
Nyrt. (MOL.BU) and RWE.
Starting in 2014, the planned 3,000-kilometer Nabucco pipeline
is set to carry up to 31 billion cubic meters of natural gas a year
from Turkey to Western Europe through Romania, Hungary, Bulgaria
and Austria.
Earlier this week the Nabucco consortium said it has shelved
plans to source gas from Iran due to the further escalation of the
dispute between the international community and Iran over the
latter's alleged nuclear weapons program.
Instead, Nabucco is focusing on two feeder pipelines from
Georgia and Iraq, the consortium said at the time. The feeder lines
are needed to bring supply from gas producers to the pipe.
For months, the Nabucco partners have been working on securing
supply, most importantly from Azerbaijan and Iraq.
Negotiations for gas contracts from the Shah Deniz II gas field
in Azerbaijan are due to start shortly.
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com
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