GDF Suez Buys 9 Percent Stake in Nabucco West From OMV

GDF Suez has agreed to buy approximately 9 percent of OMV's stake in Nabucco Gas Pipeline International GmbH.

Closing of the transaction between OMV and GDF Suez is subject to certain conditions and is expected the second half of 2013.  According to OMV, the companies have agreed not to disclose the purchase price or other conditions of the deal.

OMV's CEO Gerhard Roiss said in a statement that “having GDF Suez as new partner for Nabucco West is another milestone for the project. It proves that we are on the right way to provide Europe with more gas and to secure new sources of gas for the future.”

According to Roiss, the deal with GDF Suez is another important step forward. “ This year we have already seen considerable progress for Nabucco West.  With this strengthened pan-European partnership we are looking forward to the upcoming decision of the Shah Deniz II consortium concerning their preferred delivery route to Europe.”

In April, OMV bought a 17 percent share in the project from German utility RWE for an undisclosed sum.

Nabucco West is one of two pipeline projects in the running to bring Caspian Sea gas supplied by the Shah Deniz consortium to Europe, the other being the Trans Adriatic Pipeline.