MOL Ready To Sell Shares In Nabucco Company -CEO
April 26 2012 - 7:12AM
Dow Jones News
Hungarian energy group MOL Nyrt (MOL.BU) is ready to sell its
share in the Nabucco natural gas pipeline's implementing company if
necessary, Chief Executive Zsolt Hernadi said Thursday.
MOL announced that it would withhold funding from the project
firm and Hernadi confirmed that this wouldn't change until the
plans for the pipeline are revised to make it feasible.
MOL announced that it has repeatedly voiced its concerns about
the Nabucco venture and its opinion that the investment hasn't been
adapted to present-day conditions since its conception over 10
years ago.
Hernadi said MOL delivered a strong message through the
announcement and expressed hope that it's concerns will be observed
by the implementing consortium.
"There's nobody who knows what the Nabucco project is, or what
it costs. As long as this is the case there's nothing to talk
about," Hernadi said.
Nabucco was originally designed as a 3,300 kilometer-long
pipeline project to bring Caspian gas to Austria across Turkey and
most of central Europe with the aim of easing the region's
dependence on Russian gas imports by opening up a "corridor" from
Central Asia to the European Union.
It has yet to secure a source of natural gas while its cost
estimates kept on rising.
-By Gergo Racz, Dow Jones Newswires, +36 30 452 3980;
gergo.racz@dowjones.com
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