September 2010 Vol. 237 No. 9

Projects

Abu Dhabi Eyeing Nabucco Pipeline

Abu Dhabi’s investment fund IPIC is considering taking a stake in the planned Nabucco pipeline that is supposed to deliver gas from the Caspian region to Europe, according to reports.

IPIC, which owns a stake in Nabucco leader, Austrian oil and gas group OMV, is reported to be interested in becoming Nabucco’s seventh shareholder.

A spokeswoman for OMV declined to comment but said Nabucco was in principle open for new shareholders. The pipeline, which is expected to cost about US$10.50 billion, is seen coming on line with about 15 Bcm of gas by the end of 2014. The final decision for the investment is due in the first quarter of next year. Other shareholders are Hungary’s MOL, Romania’s Transgaz, Bulgaria’s Bulgargaz, Turkey’s Botas and Germany’s RWE.