Hungary Gas Link With Slovakia To Operate From 2015
September 06 2011 - 7:52AM
Dow Jones News
A natural gas interconnector between Hungary and Slovakia is set
to operate from January 2015, Hungarian electricity network
operator Ovit Zrt. said in a statement Tuesday.
Ovit, majority-owned by Hungarian state power company Magyar MVM
Zrt., will create a gas transport firm as of January 2012, to
oversee the construction of the planned gas link.
Setting up the interconnector is subject to a parliamentary
decision on a Hungarian-Slovakian cooperation agreement, Hungarian
business daily Vilaggazdasag said Tuesday.
After that, a tender can be called mid-October for the
construction and a contract may be signed in March next year.
Implementation can start mid-2013, the article said.
The new gas transport company will oversee the construction of
the gas link, which Ovit Chief Executive Peter Gopcsa estimated at
around 35 billion forints ($180 million), some HUF10 billion less
than earlier planned.
The link with Slovakia is the next step in Hungary's drive to
diversify gas supplies and reduce dependence on Russian imports, an
aim that saw it receive European Union support.
To get that money, Hungary's development ministry requested the
European Commission transfer to Ovit a EUR26 million subsidy for
the project, originally meant for FGSZ Foldgazszallito Zrt., a unit
of Hungarian oil and gas company MOL Nyrt. (MOL.BU), which was to
have built the interconnector with its Slovakian partner Eurstream.
FGSZ later backed down, Ovit said, without adding details.
-By Veronika Gulyas, Dow Jones Newswires; +361-267-0623;
veronika.gulyas@dowjones.com
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