German Gas Company Bayerngas Seeks To Become 7th Nabucco Owner
September 30 2011 - 5:46AM
Dow Jones News
Bayerngas GmbH--a publicly owned German-Austrian gas procurement
vehicle--Friday said it intends to join the Nabucco gas pipeline
project that is slated to ship gas from the Caspian region and the
Middle East to Central Europe via Turkey and Austria.
The company would become the seventh shareholder in the Nabucco
project, which is enjoying strong political support from the
European Union as a way to reduce the bloc's dependency on gas
supplies from Russia.
Bayerngas and Nabucco Gas Pipeline International GmbH separately
said that talks between the prospective new consortium member and
existing shareholders will now begin in order to work out the
future ownership structure.
In a separate statement the Austrian economics ministry also
welcomed Bayerngas' intention to take a "considerable" stake in
Nabucco.
Bayerngas itself declined to say how big a stake the company
will acquire in Nabucco. A company spokesman said that a final
decision on Bayerngas' stake in the project is expected for
2012.
The Nabucco consortium, which includes German utility RWE AG
(RWE.XE), Austria's OMV AG (OMV.VI) and Hungary's MOL Nyrt
(MOL.BU), is owned by six shareholders, each of which holds
approximately 16.7%.
-By Jan Hromadko, Dow Jones Newswires; +49 69 29 725 503;
jan.hromadko@dowjones.com
(Klaus Hinkel in Frankfurt and Alessandro Torello in Brussels
contributed to this article.)
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