Europe > Western Europe > Austria > GDF Suez Acquires 9% of Nabucco Pipeline

Austria: GDF Suez Acquires 9% of Nabucco Pipeline

2013/05/31

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 % 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 an extra milestone for the project. It proves that we are on the right way to provide Europe with additional gas and to fasten new sources of gas for the next."

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 major gas transport network in Europe and their status as the second-major buyer of natural gas in Europe are of immense chance to the project. GDF Suez is by presently very active in the Nabucco nations."

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.

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