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GDF SUEZ Joins Nabucco West Gas Pipeline Project

Source: www.gulfoilandgas.com 5/28/2013, Location: Europe

GDF SUEZ has signed an agreement with OMV Gas and Power, Austrian energy group to purchase a ca. 9% share in the Nabucco West gas pipeline project, which will connect Turkey and Austria. The aim of the project is to secure and diversify gas supplies to European markets over the long run.

Nabucco West, which may enter into service towards 2020, will transport approximately 10 billion cubic meters of gas from Azerbaijan. Up to 13 billion cubic meters of capacity may be added at a later stage, to enable additional imports from new gas fields in the Caspian Sea region.

Nabucco West, which is approximately 1,300km long, consists in the final leg of the gas pipeline from Azerbaijan to Austria. It will enable gas to be delivered from Turkey’s western border to the Baumgarten gas hub in Austria. It will supply among others Romania and Hungary, two countries in which GDF SUEZ has strong downstream positions as well as Bulgaria. GDF SUEZ is a major gas player in Europe with leading positions in natural gas transport and distribution networks in Europe, and is the 2ndlargest buyer of natural gas in Europe with up to ca. 67 billion cubic meters of gas.

When the agreement was signed, Jean-François Cirelli, Vice-Chairman and President of GDF SUEZ, commented: “With this commitment to the Nabucco West project, GDF SUEZ bring its full support to this strategic project and re-asserts its position as a key player in European natural gas. The Group has always supported the creation of new gas routes, which enables diversification and better security of supply for the European market. This agreement will also give the Group access to new resources in the Caspian sea region”.

For more information about Nabucco West Gas Pipeline Project visit Nabucco Project

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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 

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