OMV CEO: Nabucco To Be Built Even Without MOL - Report
April 26 2012 - 2:28PM
Dow Jones News
The European natural gas pipeline Nabucco will be built, even
without Hungarian energy group MOL Nyrt (MGYOY, MOL.BU), Austrian
utility OMV AG (OMVKY, OMV.VI) Chief Executive Gerhard Roiss says
in the advance release of an interview with the German daily
Handelsblatt.
OMV isn't worried about the exit of MOL from the project, since
the legal preconditions for building the length of the pipeline
have been secured, the article says.
"In addition, there are other companies that want to join the
consortium," Roiss is quoted as saying.
Earlier in the day, MOL Nyrt CEO Zsolt Hernadi said it is ready
to sell its share in the Nabucco implementing company if necessary,
and will withhold funding from the project firm. The Hungarian
state is the largest single shareholder in MOL. He also urged that
the original plan for the pipeline from 10 years earlier be revised
to adapt to present conditions.
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 gas imports from Russia by opening up a "corridor"
from Central Asia to the European Union.
Roiss says the pipeline could be adapted to eliminate the
Turkish portion of the pipeline, making the pipeline around 1,300
kilometers shorter and cheaper, according to the report.
"Large gas discoveries in the Black Sea have changed the
situation," he adds, according to the report.
Newspaper website: http://www.handelsblatt.com
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500.
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