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RWE About to Quit Nabucco, Could Sell Stake to OMV

Source: Reuters 12/2/2012, Location: Europe

German utility RWE is about to quit the Nabucco gas pipeline project and could sell its 16.1 percent stake in the scheme to fellow shareholder OMV, Focus reported, citing industry sources.

A possible deal to transfer RWE's stake to the Austrian energy company could still happen before the end of the year, the magazine said on Sunday.

RWE, Germany's No. 2 utility, said in May it was reviewing strategic requirements regarding the Nabucco project, which would carry Caspian area gas over almost 4,000 km to Europe.

Ambitions of the project's consortium which also includes Hungary's MOL MOLB.BU through its gas pipeline operator FGSZ, Turkey's Botas, BEH of Bulgaria and Romania's Transgaz ROTGN.GX, have been tempered by anticipated cost overruns and possible overcapacity.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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