Nabucco to reconsider shareholders

The Nabucco Consortium will consist of 9-10 companies that will hold interests in the Nabucco Gas Pipeline International GmbH (NIC).

The CEO of the consortium, Reinhard Mitschek said that the shareholder structure will be revised in the first half of 2013, Trend reports.

He confirmed that the German company RWE has decided to withdraw from the project.

As previously reported by Vestnik Kavkaza last Friday, two agreements on cooperation as well as financing and ownership were signed in Vienna by shareholders of the Nabucco project and partners in the "Shah Deniz" project.

The agreement on financing provides for joint ownership and financing of the development costs of the Nabucco West project until the final route for the deliveries of Azerbaijani gas to Europe is established. It is also provides potential investors with ownership of a 50% interest in the project, if Nabucco West is chosen as the final route.

The present shareholders of the Nabucco project are the Austrian company OMV, Hungarian FGSZ, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and German RWE.  The shareholders are expected to agree on the route in 2013.