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RWE Joins Nabucco Gas Pipeline Project

Posted on: Thursday, 7 February 2008, 06:00 CST

German utility major RWE has announced that its subsidiary, RWE Gas Midstream, has joined the Nabucco gas pipeline project as the sixth partner.

The Nabucco Gas Pipeline International consortium's other partners consist of Austria's OMV Gas International, Hungary's MOL, Bulgaria's Bulgargaz, Romania's Transgaz and Turkey's Botas. Each partner holds a 16.67% stake in the consortium.

RWE said that it is an ideal strategic partner for the Nabucco project. RWE is active along the entire value chain for gas and aims to link its upstream and midstream business segments more concretely. The Caspian region is a prime focus area for RWE Dea and RWE Gas Midstream. The two firms plan to strengthen and launch activities for exploring, producing and transporting gas in the region.

RWE stated that, with more than 10 million gas customers in southeastern, central and northwestern Europe, its production activities make it a reliable purchaser for the gas that in the future will be transported via Nabucco.

Stefan Judisch, CEO of RWE Gas Midstream, said: "For us this pipeline project is an important cornerstone in our growth strategy of natural gas. We are convinced that Nabucco will increase Europe's security of supply for natural gas."

Source: Datamonitor

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