Germany steps into South Stream project
Tuesday, 12 October 2010
ST PETERSBURG, Oct 11 (Commodity Online): Europe's largest economy Germany said it will take part in the Russian-led South Stream pipeline that aims to transport Russian gas to Europe.
According to reports Wintershall, the oil and gas subsidiary of Germany's BASF, is interested in the pipeline and may take a stake of up to 20 per cent by the end of the year.
"As for the participation of one German company, I think that this would be an absolutely positive contribution," Italian Prime Minister Silvio Berlusconi told his Russian counterpart Vladimir Putin in talks in Saint Petersburg.
Putin replied that this was "perfect" and would be worked on by the participants in the South Stream project.
The company involved was not named but Wintershall has been the one German firm repeatedly cited in recent press reports. Reports that a stake has been offered to German power firm RWE were denied in July.
Wintershall's involvement may be seen as a blow for the competing EU-backed Nabucco pipeline which aims to reduce European dependency on Russian energy by transporting gas from Central Asia and the Caucasus direct to Europe.
According to reports Wintershall, the oil and gas subsidiary of Germany's BASF, is interested in the pipeline and may take a stake of up to 20 per cent by the end of the year.
"As for the participation of one German company, I think that this would be an absolutely positive contribution," Italian Prime Minister Silvio Berlusconi told his Russian counterpart Vladimir Putin in talks in Saint Petersburg.
Putin replied that this was "perfect" and would be worked on by the participants in the South Stream project.
The company involved was not named but Wintershall has been the one German firm repeatedly cited in recent press reports. Reports that a stake has been offered to German power firm RWE were denied in July.
Wintershall's involvement may be seen as a blow for the competing EU-backed Nabucco pipeline which aims to reduce European dependency on Russian energy by transporting gas from Central Asia and the Caucasus direct to Europe.