Pipeliners

04-19-2009 - MOSCOW (AFP) — Germany's energy group E.ON is seeking to reduce its stake in a planned Russian-German gas pipeline under the Baltic Sea, its boss said in an interview to be published Monday. Wulf Bernotat told the weekly Wirtschaftswoche that Gaz de France (GDF) could join the Nord Stream project controlled by Russian state-run energy giant Gazprom. "Negotiations are under way, but we would be prepared to cede up to 4.5 percent of our share," he said. "As far as I know, GDF wants to acquire 9.0 percent." E.ON and Germany's BASF currently each have a 20 percent stake in Nordstream and the Dutch Gasunie nine percent, with Gazprom holding the remaining 51 percent. Bernotat rejected unconfirmed reports that potential funding banks were demanding the participation of another major group. Nord Stream would allow Russia to export gas directly to Germany without passing through transit countries like Ukraine. But Baltic states have also expressed worries about the project, including fears that its construction could disturb conventional and chemical weapons sunk to the bottom of the sea during World War II. The pipeline is due to be built between 2009 and 2011. Bernotat also hinted that E.ON was interested in joining Electricite de France in building a new generation nuclear power station at Penly in western France.