BP PLC (BP) is in early talks with the OAO Gazprom (GAZP.RS)-led Nord Stream pipeline consortium, that ships Russian natural gas into Europe, over an extension of the link to carry the gas straight into the U.K., a spokesman said Sunday.
BP PLC (BP) is in early talks with the OAO Gazprom (GAZP.RS)-led Nord
Stream pipeline consortium, that ships Russian natural gas into
Europe
, over
an extension of the link to carry the gas straight into the
U.K.
, a
spokesman said Sunday.
BP has long been interested in the pipeline extension but has been unable to
strike a deal due to a provision in the shareholder agreement with its oligarch
partners in the Russian TNK-BP Holding (TNBP.RS) joint venture, which said the
company could only explore opportunities in Russia through TNK-BP.
But BP's recent agreement to sell its 50% stake in the venture to Russia's OAO
Rosneft (ROSN.RS) coupled with the oligarchs' agreement to also sell its share
has released BP to pursue new ventures in Russia. The Rosneft deal to buy BP's
TNK-BP stake is expected to close in the first half of next year.
The talks also come as the
U.K.
government is seeking to bolster its energy security by diversifying its gas
imports as domestic
North Sea
output declines. In the past
year, the British government has realigned its energy policy to encourage the
construction of more gas-fired power stations while reducing greenhouse gas
emissions and wants to ensure there is enough supply for the plants.
"BP has had some discussions looking at the commercial and technical
aspects of the project, but it's at a very preliminary stage," the
spokesman said, but gave no further details.
The Nord Stream consortium includes Gazprom, BASF SE (BAS.XE) subsidiary
Wintershall Holding GmbH, E.ON AG (EOAN.XE) unit E.ON Ruhrgas AG, N.V.
Nederlandse Gasunie and GDF SUEZ SA (GSZ.FR).
Nord Stream consists of two 1,224-kilometer natural gas pipelines that connect
Russia
's
vast gas reserves with markets in
Europe
. The
pipelines cross the
Baltic Sea
to terminate in
Germany
and
have combined total capacity of 55 billion cubic meters a year.
BP would be interested in extending the pipeline from
Germany
into
the U.K.
A British newspaper report said Sunday that the pipeline could be delivering
the gas into the
U.K.
by
2016.
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