Wingas Sells 19% Stake In Nord Stream Pipeline Link To Fluxys
September 01 2011 - 7:12AM
Dow Jones News
German natural gas importer Wingas GmbH, owned by BASF SE
(BAS.XE) unit Wintershall AG and Russia's Gazprom OAO (GAZP.RS),
Thursday said it sold a 19% stake in the Nord Stream connecting
pipeline, the North European Pipeline, to Belgian gas transmission
company Fluxys G, the parent company of Fluxys SA (FLUX.BT).
MAIN FACTS:
-Financial details weren't disclosed.
-The North European Pipeline link is one of the two pipelines
planned in Germany for the Nord Stream pipeline, which will bring
Russian natural gas through the Baltic Sea to Europe.
-Following this agreement, Wingas's stake in the NEL pipeline
falls to 51%, Dutch gas-pipeline operator Gasunie NV holds 20%,
Fluxys G has 19% and German utility E.ON AG's (EOAN.XE) gas
business E.ON Ruhrgas has 10%.
-The planned investments for the pipeline project are
approximately EUR1 billion, and the pipeline is scheduled to come
on stream in fall 2012.
-"The participation of Fluxys G strengthens the European
orientation of the project significantly," Wingas Chief Executive
Gerhard Koenig said in a statement.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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