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
 -  North Sea Super Puma Crash: Lessons Le... (Jul 23)
 -  UK Proposes New Tax Allowance for Ultr... (Jul 23)
 -  North Sea Oil, Gas Firms Hold Off on I... (Jul 18)
 -  Shell Employees on Doomed Malaysian Fl... (Jul 18)
 -  Hancock Takes Over UK Junior Energy Mi... (Jul 15)
Most Popular Articles
From the Career Center
Jobs that may interest you
Inventory Clerk
Expertise: Inventory Control
Location: Muncy, PA
 
Proposal Coordinator
Expertise: Business Development
Location: Houston, TX
 
Proposal Manager
Expertise: Business Development, Sales and Marketing
Location: Houston, TX
 
search for more jobs