RWE, Gazprom abandon talks on power plant joint venture

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German energy giant RWE said on Thursday it had failed to agree with Russia's Gazprom on a project to jointly build and operate ppower plants in Germany, Britain and the Netherlands.

"RWE and Gazprom today decided by mutual agreement to terminate at the end of the year their exclusive talks on a potential joint venture for the construction and operation of power stations" in the three countries, the German company said in a statement.

The two companies had announced the planned tie-up in July and agreed to explore potential cooperation possibilities by the end of the year.

"Although our discussions were conducted in a very constructive manner we were unfortunately not able to agree on a framework for cooperation which would be sustainable for both parties," said RWE chief exeuctive, Juergen Grossmann.

© 2011 AFP

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