German RWE energy compan has been negotiating to drop out of the Nabucco gas pipeline project, which envisages gas transportation from the Caspian Sea region and Near East to the EU member-states bypassing Russia. 16.7% shares held by RWE could be bought by Austrian OMV, writes Financial Times newspaper citing the sources close to the proejct.
RWE and OMV refused to provide official comments on possible change of partners of the project to the newspaper.
It was reported in May 2012 that RWE AG revises advisability of its participation in the Nabucco consortium.
In mid-April RWE President Yurgen Grossman said that the concern can change its plans concerning the Nabucco gas pipeline project. He said the important goal now is to transport Caspian Sea gas to Europe and the company will be glad, if it can get it from other gas pipelines. The statement mentioned that priority of RWE is availability of the gas source with minimum investments, because the company plans to reduce its debts and dropping out of Nabucco project could help the company to save a significant amount.
The partners of the gas pipeline project are six companies - Hungarian MOL, Austrian OMV Gas GmbH, Turkish Botas, Bulgarian Bulgargaz, Romanian Transgas S.A. and German RWE with equal shares of 16.67%. German Bayerngas gas company has announced its intenton to join the project. It was planned to start construction of the gas pipeline in 2013 and commercial deliveries in 2017.
The Nabucco gas pipeline project is among the South Gas Corridor projects, which envisages gas deliveries from the Caspian region and Near East to the EU member-states. Gas, which will be extracted at the Phase 2 of development of Azerbaijani gas condensate field Shah-Deniz (10 billion cub.m. a year) is considered as the main source of resources for the project.
Earlier Hungarian MOL, which is 100% owner of FGSZ gas transport company, announce its readiness to sell its share in Nabucco referring to uncertain volume of resources and the project funding.-0-
Economics
-
An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
-
On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
-
Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
-
Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
Leave a review