RWE Executive Sees Good Progress On Nabucco Gas Supply Deals
September 13 2011 - 7:48AM
Dow Jones News
German utility RWE AG (RWE.XE), a member of the consortium
planning to build the Nabucco gas pipeline, Tuesday said it is
optimistic the project is making "good progress," after the
European Commission Monday won the mandate to enter talks with two
key suppliers of the pipeline.
RWE's strategy chief Leonhard Birnbaum told reporters on the
sidelines of an energy conference in Munich that he hopes the EU
talks with Azerbaijan and Turkmenistan will speed up the process to
secure gas-supply deals for the Nabucco project.
"If the talks are successful there will be enough gas [to fill
the pipeline} even without [supplies from] North Iraq," Birnbaum
said.
The Nabucco pipeline is slated to ship 31 billion cubic meters
of natural gas from the Caspian region to central Europe.
Azerbaijan, Turkmenistan and the Kurdish north of Iraq have long
been considered key suppliers for the pipeline project.
However, despite years of talks the Nabucco consortium has so
far failed to secure any gas supplies.
Birnbaum said he is optimistic the Nabucco consortium can shift
its focus in coming months to more technical issues such as an open
season process, which should help gauge market demand before making
a final investment decision, once the gas supply agreements are in
place.
He added the timeline for completion of the Nabucco project
hasn't changed.
The consortium, which also includes Austria's OMV AG (OMV.VI)
and Hungary's MOL Nyrt (MOL.BU), previously said it plans for
Nabucco to begin operations in 2017.
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com
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