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).
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.
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