OMV isn't holding talks with Gazprom to join Nabucco

Energy Trade

OMV AG, which is holding talks with potential partners to join its Nabucco natural-gas pipeline project, said Russia's OAO Gazprom isn't one of them.

„Gazprom isn't among the companies we're talking to,” OMV's CEO, Wolfgang Ruttenstorfer, told reporters at a briefing yesterday. He declined to comment on which companies are negotiating with OMV about joining the project. The Nabucco project, a pipeline that could cost as much as €5 billion ($6.4 billion), already has five partners: OMV AG, Bulgaria's Bulgargaz AD, Hungary's Mol Nyrt, Romania's Transgas and Turkey's Botas.

They plan to start construction in 2008. OMV has said it may seek more than one additional partner to help finance the pipeline and broaden the business. The pipeline is intended to diversity Europe's supplies of natural gas as demand in western Europe rises, lessening its dependence on Russian gas.

The pipeline would run from Turkey to Austria, a route about 3,300 kilometers (2,051 miles) long, and carry about 31 billion cubic meters of gas a year when it opens in 2011. Russian Energy Minister Viktor Khristenko said September 27 his country is interested in joining Nabucco. Russia's state-controlled gas-export monopoly, Gazprom, supplies a quarter of Europe's gas and ships about 80% of that through Ukraine. (Bloomberg)

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.