GDF SUEZ joins Nabucco West gas pipeline project aiming at opening up a new route for gas imports to Europe
GDF SUEZ has signed an agreement with OMV Gas and Power, Austrian energy group to purchase a ca. 9% share in the 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 may enter into service towards 2020, will transport approximately 10 billion cubic meters of gas from Azerbaijan. Up to 13 billion cubic meters of capacity may be added at a later stage, to enable additional imports from new gas fields in the Caspian Sea region.
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, two countries in which GDF SUEZ has strong downstream positions as well as Bulgaria. GDF SUEZ is a major gas player in Europe with leading positions in natural gas transport and distribution networks in Europe, and is the 2nd largest buyer of natural gas in Europe with up to ca. 67 billion cubic meters of gas.
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. The Group has always supported the creation of new gas routes, which enables diversification and better security of supply for the European market. This agreement will also give the Group access to new resources in the Caspian sea region”.
*Post transaction closing the shareholders of the Nabucco West project will be : BEH (Bulgaria), BOTAS (Turkey), FGSZ (Hungary), GDF SUEZ, OMV (Austria) and Transgaz (Romania)
GDF SUEZ develops its businesses (electricity, natural gas, services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 219,300 people worldwide and achieved revenues of €97 billion in 2012. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone, Vigeo World 120, Vigeo Europe 120 and Vigeo France 20.