OMV AG Buys RWE AG's Stake In Nabucco Gas Pipeline Project-Reuters


Sunday, 14 Apr 2013 07:01am EDT 

Reuters reported that OMV AG has bought German utility RWE AG's nearly 17% stake in the Nabucco pipeline project that aims to bring Caspian gas to Europe. An OMV spokesman confirmed media reports about the sale but gave no financial details. RWE also confirmed the stake was transferred on March 1 but gave no price or other details. OMV Chief Executive Gerhard Roiss had said in December that talks with RWE on a sale were under way. Both companies own 16.67% stakes in the project. A decision on which pipeline project will get the contract of delivering Azeri gas to Europe is due within months. Nabucco is competeing against the Trans Adriatic Pipeline group. RWE had said in May it was reviewing the Nabucco project. OMV and its partners have proposed a scaled-down version of the project called Nabucco West that would run from Turkey's western border to Austria. Nabucco West foresees the construction of a 1,300 km pipeline from the Bulgarian/Turkish border to Austria. 

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