home . news & publications . Investment News . OMV Buys RWE Stake in Nabucco Gas Pipeline Project

OMV Buys RWE Stake in Nabucco Gas Pipeline Project

Austrian energy group OMV has bought German utility RWE's nearly 17 percent stake in the Nabucco pipeline project that aims to bring Caspian gas to Europe.

An OMV spokesman confirmed media reports about the sale but gave no financial details. RWE also confirmed the stake was transferred on March 1 but gave no price or other details.

A decision on which pipeline project will get the contract of delivering Azerbaijani gas to Europe is due within months. Nabucco is competing against the Trans Adriatic Pipeline group.

Nabucco's other four shareholders are Bulgarian group BEH, Turkish firm Botas, Hungarian company MOL, and Romanian group Transgaz.

Source: APA

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