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FRANKFURT: German utility RWE AG (RWE.XE) is poised to exit the Nabucco gas pipeline project, according to a report in weekly Focus magazine, citing persons in the industry.

RWE may sell its 16.6% stake in the project to Austrian oil and gas company OMV AG (OMV.VI) and the deal may be completed by year end, the article says.

In October OMV Chief Executive Gerhard Roiss said that the Nabucco consortium, which includes OMV, remained open to more participants. He repeated earlier comments that there were no indications that the Hungarian partner MOL Nyrt. (MOL.BU) would withdraw from the Nabucco consortium. When completed, the pipeline will feed natural gas from the Caspian Sea region to Europe.

An RWE spokeswoman declined to comment to Dow Jones on the report.

Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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