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Abu Dhabi Eyes Nabucco Pipeline Stake

Source: Reuters 8/9/2010, Location: Europe

Abu Dhabi's investment fund IPIC is considering taking a stake in the planned Nabucco pipeline that is supposed to deliver gas from the Caspian region to Europe, an Austrian newspaper reported on Monday.

IPIC, which owns a stake of Nabucco leader, Austrian oil and gas group OMV, was interested in becoming Nabucco's seventh shareholder, Salzburger Nachrichten reported, without saying where it got the information.

A spokeswoman for OMV declined to comment on the report but added that Nabucco was in principle open for new shareholders.

The pipeline, which is expected to cost about 7.9 billion euros ($10.50 billion), is seen coming on line with about 15 bcm of gas by the end of 2014. The final decision for the investment is due in the first quarter of next year at the latest.

Nabucco's other shareholders are Hungary's MOL, Romania's Transgaz, Bulgaria's Bulgargaz, Turkey's Botas and Germany's RWE.

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