German utility RWE AG (RWE.XE) will be leaving the consortium behind the proposed pipeline Nabucco West, Austrian oil and gas company OMV AG (OMV.VI) Chief Executive Officer Gerhard Roiss said Friday.
German utility RWE AG (RWE.XE) will be leaving the consortium behind the
proposed pipeline Nabucco West, Austrian oil and gas company OMV AG (OMV.VI)
Chief Executive Officer Gerhard Roiss said Friday.
Consortium partner OMV appears to be the most likely to take over RWE's stake
in Nabucco.
"We are in talks," Mr. Roiss told journalists at the Club of Economic
Publishers when asked if OMV would be taking over RWE's stake in the pipeline.
Mr. Roiss said RWE's withdrawal had nothing to do with the chances of the
pipeline's success. He added that should Nabucco not come into existence, he
wasn't planning a second pipeline.
Mr. Roiss declined to confirm whether the Shah Deniz Consortium was looking to
take a 50% share in the Nabucco Project. Mr. Roiss said he expects the
gas-field consortium to make a decision on taking a stake in Nabucco sometime
in the first half of next year.
Nabucco West is one of two proposed pipelines to bring gas from the
Caspian
Sea
region to
Europe
, via
Bulgaria
,
diversifying the continent's supply of gas. The consortium behind the Shah
Deniz gas field in the
Caspian Sea
region is expected to make a final decision between Nabucco and the proposed
Trans Adriatic Pipeline, which would deliver the gas via
Greece
and
Italy
.
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