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Wingas Sells 19% Stake In Nord Stream Pipeline Link To Fluxys

Wingas Sells 19% Stake In Nord Stream Pipeline Link To Fluxys
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Πεμ, 1 Σεπτεμβρίου 2011 - 15:59
German natural gas importer Wingas GmbH, owned by BASF SE (BAS.XE) unit Wintershall AG and Russia's Gazprom OAO (GAZP.RS), Thursday said it sold a 19% stake in the Nord Stream connecting pipeline, the North European Pipeline, to Belgian gas transmission company Fluxys G, the parent company of Fluxys SA (FLUX.BT).
German natural gas importer Wingas GmbH, owned by BASF SE (BAS.XE) unit Wintershall AG and Russia 's Gazprom OAO (GAZP.RS), Thursday said it sold a 19% stake in the Nord Stream connecting pipeline, the North European Pipeline, to Belgian gas transmission company Fluxys G, the parent company of Fluxys SA (FLUX.BT).

MAIN FACTS:

-Financial details weren't disclosed.

-The North European Pipeline link is one of the two pipelines planned in Germany for the Nord Stream pipeline, which will bring Russian natural gas through the Baltic Sea to Europe .

-Following this agreement, Wingas's stake in the NEL pipeline falls to 51%, Dutch gas-pipeline operator Gasunie NV holds 20%, Fluxys G has 19% and German utility E.ON AG's (EOAN.XE) gas business E.ON Ruhrgas has 10%.

-The planned investments for the pipeline project are approximately EUR1 billion, and the pipeline is scheduled to come on stream in fall 2012.

-"The participation of Fluxys G strengthens the European orientation of the project significantly," Wingas Chief Executive Gerhard Koenig said in a statement.

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