New French oil and gas giant eyes nuclear
Gaz de France (GdF) and Suez are to merge to create an oil and gas giant to be known as GdF Suez. Suez has previously said that it wants to own and operate nuclear power plants by 2015-20 and would decide on taking part in new nuclear projects "by the start of 2009 at the latest." Suez has already established specialist nuclear departments and has agreed with Areva and fellow oil company Total to work on a nuclear desalination project in the United Arab Emirates. Areva owns 1.2% of GdF Suez and its CEO, Anne Lauvergeon, sits on two GdF Suez board subcommittees. GdF Suez also owns a 5% equity stake in Areva's forthcoming Georges Besse II uranium enrichment facility. The French state remains the largest shareholder in GdF Suez, with a stake of 35.7%, while it owns 88% of Areva.
