FT reported that RWE AG of Germany plans to quit the Nabucco pipeline project and sell its 16.7% share to OMV (Austria).
Mr Jurgen Grossman head of RWE said that RWE is probably planning to focus on construction of the South Stream, a Russian pipeline project for the Black Sea. Its construction will start on December 7th 2012. RWE is starting to cooperate with Gazprom (Russia) on Nord Stream under the Baltic Sea. The pipeline has reached Germany bypassing other states.
He said that Nabucco will transport gas from the Caspian Sea and the Middle East to the EU. It has been redesigned into Nabucco West, excluding the Turkish section. Azerbaijan and Turkey plan to build the Trans Anatolia Pipeline (TANAP).
OMV (Austria), FGSZ (Hungary), a Bulgarian energy holding, Transgaz (Romania), Botas (Turkey) and RWE (Germany) are shares of the project with 16.67% of shares each. Its construction was planned to start in 2013 first gas supplies were expected in 2017.
