MVM unit establishes project company for Hungary-Slovakia gas interconnector

Deals

Shareholders of OVIT, a unit of the state-owned Hungarian Electricity Works (MVM), decided to establish a project company to build a pipeline connecting gas networks in Hungary and Slovakia on Tuesday.

The project company, called Magyar Gaz Tranzit, will be set up with registered capital of HUF 2 billion. It is expected to start operations at the beginning of 2012. Magyar Gaz Tranzit will build and operate the part of the interconnector in Hungary.

FGSZ Foldgazszallito, a unit of MOL, was to have built the interconnector with Slovak partner Eurstream, but it later backed down and Hungary's National Development Ministry asked the European Commission to transfer to OVIT a € 26 million grant it won to support the project.

ADVERTISEMENT

Századvég raises GDP forecast to 7.8% Analysis

Századvég raises GDP forecast to 7.8%

Opposition parties to begin PM candidate primaries Elections

Opposition parties to begin PM candidate primaries

New editor-in-chief at Betone Studio Appointments

New editor-in-chief at Betone Studio

Budapest leaders make public transport free for under-14s City

Budapest leaders make public transport free for under-14s

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.