RWE and OMV to jointly own "Caspian Energy Company Ltd"
The company has been set up in order to explore comprehensive infrastructure solutions that will link the vast gas resources of the Caspian region to Europe. The joint ownership of CEC by both RWE and OMV is subject to approval by the relevant competition authorities. Once approval is granted, RWE and OMV will hold equal shares of CEC. Further qualified parties will be invited to participate in the company at a later stage.
The CEC will shortly commence a detailed analysis into gas transport infrastructure options that could provide Europe with access to natural gas from the Eastern side of the Caspian Sea. Based on the study's outcome, the CEC will then enter into the development, construction, ownership and operation of gas transport systems across the Caspian Sea. The respective gas could then be fed into the existing "South Caucasus Gas Pipeline" or other newly built pipelines and from there on into Turkey and the "Nabucco Gas Pipeline", which will form the backbone of this "Southern Gas Corridor".
With Group sales of EUR 20.04 bn and a workforce of 33,665 employees in 2007, OMV Aktiengesellschaft is one of Austria's largest listed industrial companies. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries. In Exploration and Production (E&P) OMV is active in 20 countries on five continents. In Gas& Power (G&P) OMV sells more than 13 bcm gas per year. Via Baumgarten, one of the most important turntables for gas in Europe, approximately 64 bcm gas is transported annually. OMV's Central European Gas Hub is amongst the three largest hubs in Continental Europe. OMV is the largest oil and gas group in Central Europe, with oil and gas reserves of approx. 1.22 bn boe, daily production of around 316,000 boe and an annual refining capacity of approx. 26 mn t. OMV now has 2,524 filling stations in 13 countries. The market share of the group in the R&M business segment in the Danube Region is now 20%. OMV further strengthened its leading position in the European growth belt through the acquisition of 41.58% of Petrol Ofisi, Turkey's leading company in the retail and commercial business.
In June 2006, OMV has established the OMV Future Energy Fund, a wholly owned subsidiary to support projects in renewable energy with more than EUR 100 mn to initiate the change from a pure oil and gas group to an energy group with renewable energy in its portfolio.
About RWE AG
RWE Supply & Trading is a market leader in Europe for energy trading and ranks number 6 in the European gas business (procurement volume around 40 bcm per annum). RWE Supply & Trading is in charge of managing all of RWE's international energy procurement activities and wholesale energy trading. It serves as the European hub for all tradable commodities such as power, emissions certificates, gas, coal and oil (physical and derivatives) as well as optimising the entire gas portfolio of the RWE Group, from short- to long-term procurement and delivery responsibilities. RWE Supply & Trading has its headquarters in Essen (Germany) and main offices in Swindon (UK), London (UK) and Prague (CZ). The company's CEO is Peter Terium.