SOURCE: Industrial Info Resources

Industrial Info Resources

July 20, 2011 02:30 ET

RWE and Gazprom Team-Up for Europe's 'Dash for Gas,' an Industrial Info News Alert

GALWAY, IRELAND--(Marketwire - Jul 20, 2011) - Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- Germany's RWE AG (OTC:RWEOY) (Essen, Germany) is predicting a 'dash for gas' in the European power sector, as it announced a strategic partnership this week with Russian gas-giant, Gazprom (MCX:GAZP) (Moscow, Russia).

The companies have signed a memorandum of understanding to join forces on the construction of power plants in Europe, with specific focus on Germany, the U.K. and the Benelux. The partners said that negotiations will begin on creating a joint venture that will "bring together existing or newly built gas and coal power plants" in the target countries.

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