OMV Buys RWE Stake in Nabucco Gas Pipeline Project

Map of the Nabucco West gas pipeline project by Nabucco Gas Pipeline International GmbH

Austrian energy group OMV has bought the 16.67% stake of German power utility RWE in the Nabucco gas pipeline project.

A Spokesperson for OMV confirmed the transaction on Sunday without specifying the price.

The OMV Spokesperson also made clear that the deal had been sealed in early March and added that the current shareholder structure of the Nabucco consortium was not final.

Prior to the deal, both OMV and RWE controlled 16.67% stakes in Nabucco Gas Pipeline International, but the sale makes the Austrian energy giant the biggest shareholder.

RWE announced around a year ago that it was rethinking its participation in the EU-backed gas pipeline project designed to carry natural gas from Central Asia to Europe, circumventing Russia.

Meanwhile, the original 4000km Nabucco gas pipeline project was downsized to a 1300km pipe called Nabucco West.

The other shareholders in the Nabucco gas pipeline project are Bulgaria's Bulgarian Energy Holding (BEH), Turkey's Botas, Hungary's MOL, and Romania's Transgaz.

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