Hungary State Power Firm To Build Gas Link With Slovakia
September 05 2011 - 12:45PM
Dow Jones News
Hungarian state-owned power wholesaler MVM Zrt. will oversee
construction of a natural gas interconnector with Slovakia as a
next step in Hungary's drive to diversify gas supplies and reduce
dependence on Russian imports.
"We are looking to take a bigger part of the natural gas market
so the interconnector is a logical move for us," MVM communications
director Gyorgy Felkai told Dow Jones Newswires Monday.
The move is in line with MVM's plans to become a major player of
Hungary's natural gas business.
Earlier, network construction and maintenance was fully overseen
by a subsidiary of Hungary's largest oil and gas company MOL Nyrt.
(MOL.BU), which completed the construction of an interconnector
with Romania and Croatia and had also made headway in preparing the
Slovakia link.
Felkai said MVM can realize the investment with more "favorable
terms", without going into details.
MOL declined to say why it wouldn't be the one to complete the
project.
The Hungarian earlier this year state bought a 21.2% stake in
MOL from Russia's Surgutneftegaz JSC (SGTZY).
Since then the government has repeatedly stated it wants MVM to
have a bigger role in other areas of the energy market and also
that it would strive to utilize the synergy in having ownership in
both companies.
-By Gergo Racz, Dow Jones Newswires; +361-267-0622;
gergo.racz@dowjones.com
Surgutneftegas PJSC (CE) (USOTC:SGTZY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Surgutneftegas PJSC (CE) (USOTC:SGTZY)
Historical Stock Chart
From Jul 2023 to Jul 2024