German utility RWE AG (RWE.XE) is committed to the Nabucco pipeline project, a company spokesman said Monday.
German utility RWE AG (RWE.XE) is committed to the Nabucco pipeline
project, a company spokesman said Monday.
The statement followed a report by German daily Handelsblatt Monday that
Russian state-controlled gas giant OAO Gazprom has invited RWE to join the
competing South Stream pipeline project.
The RWE spokesman declined to comment on the report, other than to say that the
value of Nabucco lies in "more diversity in gas sources and transport
routes."
Handelsblatt reported that Gazprom extended the invitation to RWE to increase
pressure on the rival Nabucco natural gas pipeline planned by European energy
companies.
The Nabucco consortium comprises RWE,
Austria
's OMV
AG (OMV.VI),
Hungary
's MOL
Nyrt. (MOL.BU)
Turkey
's
Botas
,
Bulgaria
's
Bulgarian Energy Holding and
Romania
's
Transgaz.
South Stream is a joint venture lead by Gazprom and
Italy
's Eni
SpA and would carry up to 63 billion cubic meters of Russian and Central Asian
natural gas a year under the
Black Sea
to
Europe
.
The 3,300-kilometer Nabucco pipeline will run between the eastern border of
Turkey
and
Austria
,
bypassing
Russia
, and
aims to reduce
Europe
's dependence on Russian gas.
Initially, the Nabucco project wanted to complete delivery contracts by the end
of June. However, it now expects to complete them during the second half of the
year. Project officials expect gas to begin flowing through Nabucco in 2014.
The South Stream project bypasses
Belarus
and
Ukraine
, with
which
Russia
has
had disputes in recent years and led to
Russia
cutting off gas deliveries to the countries.
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