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OMV: Nabucco West loses out

Wednesday, June 26, 2013 8:02 AM


OMV: Nabucco West loses out

VIENNA, June 26 (UPI) -- Austrian energy company OMV said Wednesday it would work to add diversity to the European natural gas market despite losing a pipeline bid.

OMV made an "ad hoc" announcement Wednesday, saying it was informed by the BP-led consortium managing the Shah Deniz II natural gas field offshore Azerbaijan the Nabucco West pipeline was not chosen as the preferred route for Europe.

Nabucco West was up against the Trans-Adriatic pipeline as the project to ship natural gas to Europe from offshore Azerbaijan. Both were included as part of the Southern Gas Corridor, a network of projects meant to add diversity to the European natural gas sector.

There were no statements of confirmation from either of the parent companies involved in the pipeline projects.

"The decision does not influence OMV's strategy of growing upstream and integrated gas," the company said. "OMV intends to play a role in further securing and diversifying the gas supply to Europe and will assess alternatives to complement the existing supply routes."

OMV in April announced it took on a 17 percent interest in the Nabucco West pipeline held by German energy company RWE.

"While OMV accepts the decision of the consortium, OMV is of the opinion that the offer, which was submitted by Nabucco Gas Pipeline International Gmbh, met all the selection criteria and was highly competitive," the statement read.

TAP told UPI last month it does rule out the potential for other pipeline projects like Nabucco West eventually.

(Source: UPI )
(Source: Quotemedia)

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