(MENAFN) Germany's No.2 utility RWE is planning to sell its stake in Nabucco gas pipeline project, Reuters reported, citing Focus magazine.
The magazine said RWE could sell its 16.1 percent stake in the scheme to fellow shareholder OMV, citing industry sources, adding that a deal could be sealed before the end of the year.
RWE said in May it was reviewing strategic requirements regarding the Nabucco project which would carry Caspian area gas over almost 4,000 km to Europe.
The project advancement has slowed on a possible cost overruns and overcapacity.
The companies involved in the project include RWE, OMV, Hungary's MOL, Turkey's Botas, BEH of Bulgaria and Romania's Transgaz.
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