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RWE, OMV discuss Nabucco shares

Published By United Press International
VIENNA, Dec. 10 (UPI) -- Austrian energy company OMV said it remained committed to the planned Nabucco pipeline though shareholder RWE is leaving the group.

Both sides confirmed they were discussing the 17 percent stake that RWE has in the Nabucco consortium. OMV Chief Executive Officer Gerhard Roiss was quoted by Bloomberg News as saying it was largely an investment decision.

"It is not an issue of control, it's an issue of investment," he said. "The shareholders of Nabucco at the end will be the ones who have the gas."

A spokeswoman for RWE told Bloomberg the company was discussing transferring its shares with its Austrian counterparts.

The original Nabucco pipeline was reconfigured as Nabucco West, a 48-inch, 807-mile pipeline through Bulgaria, Romania, Hungary and Austria. It has an 813 billion cubic feet design capacity.

That project is up against the Trans-Adriatic Pipeline to secure natural gas from Azerbaijan. A BP-led consortium operating there is expected to make a decision on its pipeline options soon.
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Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa