Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

GDF Suez Acquires 9% of Nabucco Pipeline

change text size

Austria's OMV announced Tuesday that it has agreed to sell part of its stake in the Nabucco West pipeline project to French energy firm GDF Suez.

Nabucco is a new gas pipeline from Asia to Europe. The project aims to connect the world’s richest gas regions, the Caspian and the Middle East, to European consumer markets.

OMV said it has agreed to sell a stake amounting to approximately nine percent of the Nabucco Gas Pipeline International to GDF Suez. The firm said it expects the transaction to be closed during the second half of 2013.

OMV CEO Gerhard Roiss commented in a company statement:

"Having GDF SUEZ as new partner for Nabucco West is another milestone for the project. It proves that we are on the right way to provide Europe with more gas and to secure new sources of gas for the future."

In a separate statement, Nabucco Gas Pipeline International CEO Reinhard Mitschek commented:

"The pan-European significance of Nabucco is considerably reinforced with the agreement signed today. The entry of GDF Suez strengthens the shareholder structure of Nabucco significantly and paves the way to the French market. The industry expertise of GDF Suez as the operator of the largest gas transport network in Europe and their status as the second-largest buyer of natural gas in Europe are of immense advantage to the project. GDF Suez is already very active in the Nabucco countries."

Once the transaction is completed Nabucco will be owned by six partners: Bulgaria's BEH, Turkey's BOTAS, Hungary's FGSZ, GDF Suez, OMV and Romania's Transgaz.



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  Key Oil, Gas Figures Welcome Scotland'... (Sep 19)
 -  Falkland Oil and Gas Makes Progress Ah... (Sep 16)
 -  One Millionth Barrel Delivered from Ar... (Sep 15)
 -  Inside GE's New Technology Solutions C... (Sep 12)
 -  BP, Shell Urge Scotland to Vote agains... (Sep 11)
Most Popular Articles
From the Career Center
Jobs that may interest you
Principal Drilling Engineer (Semi Submersible)
Expertise: Drilling Superintendent, Project Management, Well Servicing & Testing
Location: Lagos
 
Senior Project Manager - Natural Gas
Expertise: Chemical Engineering, Mechanical Engineering, Project Management
Location: Houston, Denver, Birmingham, Tulsa
 
Principal Drilling Engineer (Jack-up Rigs)
Expertise: Drilling Superintendent, Project Management, Subsea Engineer
Location: Lagos
 
search for more jobs