December 2, 2012 / 11:10 AM / 7 years ago

RWE about to quit Nabucco, could sell stake to OMV - report

BERLIN (Reuters) - German utility RWE (RWEG.DE) is about to quit the Nabucco gas pipeline project and could sell its 16.1 percent stake in the scheme to fellow shareholder OMV (OMVV.VI), Focus reported, citing industry sources.

A possible deal to transfer RWE’s stake to the Austrian energy company could still happen before the end of the year, the magazine said on Sunday.

RWE, Germany’s No. 2 utility, said in May it was reviewing strategic requirements regarding the Nabucco project which would carry Caspian area gas over almost 4,000 km to Europe.

Ambitions of the project’s consortium which also includes Hungary’s MOL MOLB.BU through its gas pipeline operator FGSZ, Turkey’s Botas, BEH of Bulgaria and Romania’s Transgaz ROTGN.GX, have been tempered by anticipated cost overruns and possible overcapacity.

Reporting by Andreas Cremer; Editing by Helen Massy-Beresford

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