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GDF acquires stake in Nabucco West gas pipeline

03rd June 2013

GDF SUEZ joins Nabucco West gas pipeline project aiming at opening up a new route for gas imports to Europe

GDF acquires stake in Nabucco West gas pipeline
The project may enter into service towards 2020 and will transport approximately 10 billion cubic meters (bcm) of gas from Azerbaijan

Major gas player GDF SUEZ has signed an agreement with Austrian energy group OMV Gas and Power to purchase a 9 per cent share in the EU-backed Nabucco West gas pipeline project, which will connect Turkey and Austria. The aim of the project is to secure and diversify gas supplies to European markets over the long run.

 

Nabucco West, which is approximately 1,300km long, consists in the final leg of the gas pipeline from Azerbaijan to Austria. It will enable gas to be delivered from Turkey’s western border to the Baumgarten gas hub in Austria. It will supply among others Romania and Hungary.

 

The project  may enter into service towards 2020 and will transport approximately 10 billion cubic meters (bcm) of gas from Azerbaijan. Up to 13 bcm of capacity may be added at a later stage, to enable additional imports from new gas fields in the Caspian Sea region.

 

The Trans/Caspian pipeline is expected to help reduce the EU’s reliance on gas imports from Russia.

When the agreement was signed, Jean-François Cirelli, vice-chairman and president of GDF SUEZ, commented: “With this commitment to the Nabucco West project, GDF SUEZ bring its full support to this strategic project and re-asserts its position as a key player in European natural gas… This agreement will also give the group access to new resources in the Caspian sea region”.

GDF SUEZ is Europe’s 2nd largest buyer of natural gas in Europe with up to 67 bcm of gas.