RWE may abandon Nabucco project
German RWE could scrap its plans for the proposed Nabucco pipeline, which is designed to transport gas from the Caspian region and Middle East to the European countries, The Wall Street Journal reported with the reference to RWE's chief executive Jurgen Grossmann.
RWE is one of the six shareholders in Nabucco project. The project's other partners include Hungarian MOL, Bulgarian Bulgargaz, Romanian Transgaz, Turkish Botas and the Austrian OMV.
According to Grossmann, RWE's main priority is to source gas with as little investment as possible, as the power and gas utility seeks to reduce debt after Germany's shift in nuclear energy policy in 2011 hit the company's finances.
The total length of Nabucco pipeline is 3,900 kilometers with a maximum capacity of 31 billion cubic meters per year. Gas, which will be produced during the second stage of Azerbaijani Shah Deniz gas condensate field development is considered as the main source for the project.
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