Bayerngas to Join as Partner in Nabucco Pipeline

Bayerngas GmbH has stated that it intends join the Nabucco gas pipeline, becoming the seventh shareholder of the EU backed project.

Reinhard Mitschek, Managing Director, NABUCCO Gas Pipeline International GmbH, stated: “This is a great step forward for Nabucco. A strong downstream market is an important asset for the pipeline and something that a new shareholder such as Bayerngas will be able to strengthen.”

Germany’s largest municipal procurement company of natural gas would join Nabucco present shareholder roster of Bulgarian Energy Holding (Bulgaria), Botas (Turkey), MOL (Hungary), OMV (Austria), RWE AG (Germany), Transgaz (Romania).  Each shareholder holds an equal share of 16.67% of Nabucco Gas Pipeline International GmbH.

It was widely know that Bayerngas was examining the options arising from new pipeline projects, such as Nabucco.

Bayerngas and Nabucco said that talks between the prospective new consortium member and existing shareholders will now begin in order to work out the future ownership structure.