WINGAS takes stake in HubCo

Die WINGAS GmbH, Kassel, is to take a 25-percent stake in HubCo-North West European Hub Service Company GmbH (HubCo) based in Haan/Düsseldorf. The deal has already been approved by the authorities.

"This presents us with the opportunity to actively participate in the establishment of a high-performance hub in the Bunde/Emden region with interesting economic perspectives",said Dr. Rainer Seele, spokesman for the WINGAS management. WINGAS has closely followed the development of the hub from the beginning and the Kassel-based pipeline company had a leading role in the creation of a standard trading contract for this hub last year. Against the background of the advancing liberalization of the natural-gas markets, international marketplaces are now growing up wherever strategically important gas pipelines cross. The Bunde region is also a landing point for imported North Sea gas.

HubCo is an independent operating company. It offers international gas traders a fully-integrated hub service at the trading point in Bunde/Emden. This includes provision of transport capacities and coordination of transport between various supply and acceptance points. HubCo also provides hedging services for commercial transactions. Ruhrgas, BEB and Statoil also have stakes in HubCo.

P-3 - 03/18/03

Contact
Antje Schabacker
fon: +49 561 301-3301
fax: +49 561 301-1321
press@wingas.de

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