27.08.2010

Fluxys to acquire from WINGAS 19% stake in planned North European Gas Pipeline NEL

Fluxys and WINGAS have concluded a Term Sheet with the intention for Fluxys to acquire from WINGAS a 19% stake in the North European Gas Pipeline NEL

The NEL link is one of the two pipelines planned in Germany for accommodating downstream flows from the Nord Stream pipeline which is going to bring additional volumes of Russian natural gas through the Baltic Sea to Europe. Subject to obtaining all approvals required, the agreement between Fluxys and WINGAS will lead to a NEL ownership of WINGAS 51%, Gasunie 20%, Fluxys 19% and E.ON Ruhrgas 10%. The planned investments for the pipeline project are approximately at €1 billion.

The NEL pipeline will run from where the Nord Stream landfall point in Lubmin near Greifswald to Rehden in Lower Saxony, stretching over 440 kilometers past Schwerin and Hamburg. It will connect Nord Stream with the European gas network, just as the OPAL natural gas pipeline does to the Czech Republic. Natural gas from the major reserves in Russia can thus be transported directly to Germany and other Member States of the European Union, in particular to Belgium, the Netherlands, France and the UK. Public consultations for the planned natural gas pipeline are already underway in Mecklenburg-Vorpommern and Lower Saxony.

Fluxys is the independent operator of the natural gas transmission and storage infrastructure in Belgium. Through its subsidiaries Fluxys LNG and Huberator, the company also operates the Zeebrugge liquefied natural gas terminal and the Zeebrugge Hub, one of the leading spot gas markets in Europe. Driven by its first mover approach Fluxys has developed its infrastructure into a central crossroads for international gas flows in North-Western Europe.
www.fluxys.com

European energy provider WINGAS GmbH & Co. KG is active in natural gas trading and distribution in Germany, Belgium, France, Great Britain, Austria, the Czech Republic and Denmark. Its customers include municipal utilities, regional gas suppliers, industrial firms and power plants. Since 1990 WINGAS and its subsidiaries have invested more than 3 billion Euros in the development of a natural gas transport and storage infrastructure.

Your contact

Königstor 20
34117 Kassel
Phone: +49 (0) 561 99858-0
E-mail: presse[at]wingas.de

Your contact

Königstor 20
34117 Kassel
Phone: +49 (0) 561 99858-0
E-mail: presse[at]wingas.de