By Margit Feher
BUDAPEST--Hungary's government has ordered its development
minister to begin talks on buying a 51% stake in natural gas safety
storage facility MMBF Foldgaztarolo Zrt., which is majority owned
by Hungarian oil and gas company MOL Nyrt. (MOL.BU), the state news
agency MTI said late Thursday.
The acquisition is aimed at strengthening public ownership in
energy management, which the government considers of strategic
importance, and to ensure stability in energy supply, the
government said in a statement.
Parliament, which is dominated by the governing Fidesz party,
amended legislation on national assets on Dec. 17, 2012 that the
natural gas safety storage facility may only be publicly owned.
MMBF, Hungary's safety storage facility with a capacity of 1.9
billion cubic meters of natural gas and a daily peak release of 25
million cubic meters, is majority owned by MOL. The Hungarian
government holds around a 24.6% stake in MOL.
MMBF's revenue totaled EUR96.8 million ($125.1 million) last
year, MTI said.
Write to Margit Feher at margit.feher@dowjones.com