OMV's CEO: MOL Remains Important Partner In Nabucco Consortium - Report
May 09 2012 - 3:54AM
Dow Jones News
The Hungarian oil and gas firm MOL Nyrt (MOL.BU) remains an
important consortium partner in the Nabucco pipeline project,
Austrian oil and gas company OMV AG's (OMV.VI) Chief Executive
Officer Gerhard Roiss said Wednesday in an interview with Austrian
economic newspaper Wirtschaftsblatt.
"I welcome MOL as an important partner in the consortium. There
is no written communication that indicates it is leaving (the
consortium)," said Roiss. Last month, MOL's CEO Zsolt Hernadi said
MOL is ready to sell its share in the Nabucco implementing company
if necessary and will withhold funding from the project firm.
The Nabucco pipeline, originally designed as a
3,300-kilometer-long project, is one of several proposed pipelines
designed to bring gas from the Caspian region to Austria, with the
aim of easing the region's dependence on imports from Russia by
opening up a "corridor" from Central Asia to the European
Union.
However, should MOL leave the consortium (which includes OMV,
Romania Trans S.A., Bulgaria's Bulgargaz EAD, Turkey's Botas, and
Germany's RWE AG (RWE.XE)), Roiss remains sanguine about the
implications for the pipeline, which is planned to run partly
through Hungary.
"There is an intergovernmental agreement that has been signed by
all of the countries in the consortium. It binds them to
construction of the pipeline. I assume that in Europe what has been
signed is respected," said Roiss.
It may not be just Caspian gas that Nabucco carries, but also
gas from the Black Sea, where OMV's Romanian subsidiary found a
potentially large source of the commodity in February.
Production from the Black Sea could start in 2020, said
Roiss.
Newspaper Web site:
http://www.wirtschaftsblatt.at/archiv/517589/index.do
-By Vienna Bureau, Dow Jones Newswires; +43 1 513 69 22-11
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