German Pipe Recruits Belgians

摘要

Belgian gas grid operator Fluxys and German marketer Wingas have concluded a term sheet with the intention for Fluxys to buy a 19% stake in the Nel pipeline. Construction has not yet begun but the pipeline is due to start operating in 2012. Nel is one of two German pipes planned to receive flows landed by the Gazprom-led Nord Stream pipeline; the other is Opal. Subject to all approvals, the deal would leave equity in Nel as follows: Wingas 51%, Dutch state Gasunie 20%, Fluxys 19% and E.On Ruhrgas 10%. Gasunie joined Nel’s shareholders earlier this summer (IOD Jun.14,p8).