Gazprom Remains Open To Setting Up Hungary Gas Storage -Report
February 15 2012 - 9:33AM
Dow Jones News
Russian energy group OAO Gazprom (GAZP.RS) is still open to
establishing natural gas storage capacities in Hungary, a company
executive told business daily Vilaggazdasag Wednesday.
Gazprom Deputy Chief Executive Alexander Medvedev stressed that
earlier failures haven't discouraged the firm from setting up
capacities in Hungary and added that Gazprom is open to such
proposals from its Hungarian partners.
Gazprom already made an attempt in 2009 with Hungarian peer MOL
Nyrt. (MOL.BU) to set up a 1.3-billion cubic meter gas storage
facility with a daily output capacity of 15 billion cubic
meters.
However, a feasibility study discouraged the companies, who last
November decided to abandon the investment and to terminate
Pusztafoldvar Gaztarolo Zrt, the joint venture established for the
project with the two owners having equal shares.
"The two shareholders decided to voluntarily dissolve
Pusztafoldvar Gaztarolo Zrt, as it achieved its original goal," MOL
said about the project firm in its previous earnings report,
stating the original goal was to "analyze feasibility of a new
underground gas storage at Pusztafoldvar and some other potential
reservoirs."
Newspaper website: www.vg.hu
-Budapest Bureau, Dow Jones Newswires; 361-267-0622
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