Nabucco Executive Sees No Reason to Doubt Shareholders' Commitment
29 June 2012 - 8:42PM
Dow Jones News
By Alessandro Torello
BRUSSELS--The choice of the Nabucco West pipeline project as a
potential route to bring Caspian gas to Europe has renewed
shareholders' confidence in the plan, its managing director said
Friday.
"It is the case that one or the other shareholder has said: we
want to take a decision now because we are impatient and we don't
want to further finance a project where there are no decisions,"
Reinhard Mitschek said in a conference call. "But this picture
changed considerably in the recent days: Shah Deniz took a decision
in favor or Nabucco West."
Shah Deniz is the BP PLC (BP)-led consortium that is developing
a natural-gas field offshore Azerbaijan. It said Thursday that it
was selecting the Nabucco West pipeline concept as one of the two
final options to be considered when the consortium decides on a
route to pipe Caspian gas to Europe next year.
The decision follows months of remarks by some Nabucco
shareholders--namely German utility RWE AG (RWE.XE) and Hungary's
MOL Nyrt. (MOL.BU)--suggesting that they were cooling off to the
pipeline project.
Write to Alessandro Torello at
alessandro.torello@dowjones.com
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