Caspian Sea Gas Consortium to Acquire Half of Nabucco

Nabucco Gas Pipeline, the entity operating the namesake project that is to supply natural gas to Europe, said in an official statement  that a consortium of strategic investors has conditionally agreed to acquire half of a stake in the project. The consortium, Shah Deniz 2, will take a 50% share of the pipeline if it chooses Nabucco as its export route to European markets.

Shah Deniz 2 includes European oil and gas majors BP (NYSE: BP  ) , Statoil (NYSE: STO  ) , and Total (NYSE: TOT  ) , as well as SOCAR, a firm owned and operated by the country of Azerbaijan. It is developing the largest gas field in that nation.

Nabucco was originally conceived to funnel around 32 billion cubic meters of gas from Central Asia to Europe, although the project has since been scaled down. It is still in the planning stages; its shareholders hope it will be operational by mid-2017.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2190618, ~/Articles/ArticleHandler.aspx, 12/22/2014 4:30:59 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement