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Gazprom & RWE Setting up JV in Energy Sector

Source: www.gulfoilandgas.com 11/30/2011, Location: Asia

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Jurgen Grossmann, Chief Executive Officer of RWE.

The parties discussed potential establishment of a joint venture in the energy sector.

Background

RWE is a leading German company in the power and natural gas production and marketing sectors.

At present, natural gas reserves of RWE amount to 179.4 billion cubic meters. In 2010 the company produced 2.7 billion cubic meters and sold some 38.4 billion cubic meters of gas.

On July 14, 2011 Gazprom and RWE signed the Memorandum of Understanding on strategic partnership in power generation in Europe. According to the document, the parties will study the issue of setting up the joint venture to be comprised of existing and/or newly built gas- and coal-fired power plants in Germany, the UK and Benelux.

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