OMV, the Austrian oil company part-owned by Abu Dhabi, has sold a stake of around 9 per cent in the Nabucco West gas pipeline project to France's GDF Suez.
The sale of the project intended to ship Caspian Sea gas to Europe adds a sixth partner to the consortium.The pipeline aims to bring as much as 31 billion cubic metres (1 trillion cubic feet) of natural gas a year to Austria via Turkey and south eastern Europe by 2017.
The transaction follows OMV's move to acquire the stake from Germany's RWE, in a shareholder structure that has changed as the project has been downsized.
"Having GDF Suez as new partner for Nabucco West is another milestone for the project," Gerhard Roiss, OMV's chief executive, said in a statement.
"It proves that we are on the right way to provide Europe with more gas and to secure new sources of gas for the future."
The Shah Deniz consortium, led by BP and the Azeri state energy firm Socar, has said it will decide next month whether to select Nabucco West or the rival Trans Adriatic Pipeline (TAP) project to transport its gas to Europe.
The building of a pipeline is key to Europe's aim of reducing its dependence on Russian gas, and also to Azerbaijan's aim of diversifying its markets.
OMV gave no financial details for the GDF deal, which it said was subject to certain conditions and was expected to take place in the second half of this year.
The Nabucco chief executive Reinhard Mitschek said yesterday: "The entry of GDF Suez strengthens the shareholder structure of Nabucco significantly and paves the way to the French market.
"The industry expertise of GDF Suez as the operator of the largest gas transport network in Europe and their status as the second-largest buyer of natural gas in Europe are of immense advantage to the project. "GDF Suez is already very active in the Nabucco countries."
Partners in the Nabucco West pipeline now include BEH of Bulgaria, Turkey's Botas, FGSZ of Hungary, GDF Suez, OMV and Transgaz of Romania. Nabucco West is competing with the Trans-Adriatic Pipeline, known as TAP, for rights to export gas from the Shah Deniz field, which may hold 1.2 trillion cubic metres of fuel in Azerbaijan's part of the Caspian Sea.
The European Union wants to diversify supplies away from Russia, which provides a quarter of its natural gas.
*With Reuters and Bloomberg News
Explainer: Tanween Design Programme
Non-profit arts studio Tashkeel launched this annual initiative with the intention of supporting budding designers in the UAE. This year, three talents were chosen from hundreds of applicants to be a part of the sixth creative development programme. These are architect Abdulla Al Mulla, interior designer Lana El Samman and graphic designer Yara Habib.
The trio have been guided by experts from the industry over the course of nine months, as they developed their own products that merge their unique styles with traditional elements of Emirati design. This includes laboratory sessions, experimental and collaborative practice, investigation of new business models and evaluation.
It is led by British contemporary design project specialist Helen Voce and mentor Kevin Badni, and offers participants access to experts from across the world, including the likes of UK designer Gareth Neal and multidisciplinary designer and entrepreneur, Sheikh Salem Al Qassimi.
The final pieces are being revealed in a worldwide limited-edition release on the first day of Downtown Designs at Dubai Design Week 2019. Tashkeel will be at stand E31 at the exhibition.
Lisa Ball-Lechgar, deputy director of Tashkeel, said: “The diversity and calibre of the applicants this year … is reflective of the dynamic change that the UAE art and design industry is witnessing, with young creators resolute in making their bold design ideas a reality.”
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
The biog
Name: Timothy Husband
Nationality: New Zealand
Education: Degree in zoology at The University of Sydney
Favourite book: Lemurs of Madagascar by Russell A Mittermeier
Favourite music: Billy Joel
Weekends and holidays: Talking about animals or visiting his farm in Australia
COMPANY%20PROFILE
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5