OMV CEO: Nabucco To Be Built Even Without MOL - Report
First Published Thursday, 26th April 2012 06:13 pm - © 2012 Dow Jones
FRANKFURT -(Dow Jones)- The European natural gas pipeline Nabucco will be built, even without Hungarian energy group MOL Nyrt (MGYOY, MOL.BU), Austrian utility OMV AG (OMVKY, OMV.VI) Chief Executive Gerhard Roiss says in the advance release of an interview with the German daily Handelsblatt.
OMV isn't worried about the exit of MOL from the project, since the legal preconditions for building the length of the pipeline have been secured, the article says.
"In addition, there are other companies that want to join the consortium," Roiss is quoted as saying.
Earlier in the day, MOL Nyrt CEO Zsolt Hernadi said it is ready to sell its share in the Nabucco implementing company if necessary, and will withhold funding from the project firm. The Hungarian state is the largest single shareholder in MOL. He also urged that the original plan for the pipeline from 10 years earlier be revised to adapt to present conditions.
Nabucco was originally designed as a 3,300-kilometer-long pipeline project to bring Caspian gas to Austria across Turkey and most of central Europe with the aim of easing the region's dependence on gas imports from Russia by opening up a "corridor" from Central Asia to the European Union.
Roiss says the pipeline could be adapted to eliminate the Turkish portion of the pipeline, making the pipeline around 1,300 kilometers shorter and cheaper, according to the report.
"Large gas discoveries in the Black Sea have changed the situation," he adds, according to the report.
Newspaper website: http://www.handelsblatt.com
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.