Bayerngas intends to be new shareholder in Nabucco

Bayerngas intends to become the seventh shareholder in Nabucco gas pipeline project, Nabucco Gas Pipeline International GmbH reported.

Negotiations with the six current shareholders will begin immediately to determine the future share split within the consortium.

Bayerngas' intention to join the Nabucco consortium will be discussed at a meeting between the Austrian Minister of Economy, Dr. Reinhold Mitterlehner and the Bavarian State Minister for Economy, Mr Martin Zeil in Vienna today, the report says.

According to Reinhard Mitschek, Managing Director, NABUCCO Gas Pipeline International GmbH, the intention of Bayerngas is a great step forward for Nabucco.

"A strong downstream market is an important asset for the pipeline and something that a new shareholder such as Bayerngas will be able to strengthen. The Nabucco consortium is open to new shareholders as the project enters a new advanced phase. The start of negotiations with Bayerngas sends a strong message to the markets", he said.

Nabucco envisages gas supplies from the Caspian region and the Middle East to the EU countries. Participants of the project are Austrian OMV, Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE companies. Each of participants has equal share to the amount of 16.67 percent. The project's construction is planned to start in 2013. The pipeline's maximum capacity will hit 31 billion cubic meters per year.


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