Hungary's MOL, Russia's Gazprom Terminate Gas Storage JV
February 15 2012 - 8:36AM
Dow Jones News
Hungarian energy firm MOL Nyrt (MOL.BU) and Russian gas company
OAO Gazprom (GZPFY) have terminated a joint venture set up for an
investment in Hungary, MOL told state news agency MTI
Wednesday.
The two companies teamed up in 2009 to explore the possibility
of creating a natural gas storage facility. However, the
feasibility study of the project proved discouraging so the firms
decided to abandon the investment and terminated the joint venture,
MOL said.
The companies each had a 50% share in the project firm
Pusztafoldvar Gaztarolo Zrt. The storage site was planned to
accommodate 1.3 billion cubic meters of natural gas with a daily
output capacity of 15 million cubic meters.
-By Gergo Racz, Dow Jones Newswires, +361-267-0622;
gergo.racz@dowjones.com
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