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Nabucco consortium executive body to discuss MOL stand on pipeline

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Nabucco consortium executives will discuss Hungarian oil and gas company MOL's stand on the planned pipeline, Nabucco Gas Pipeline International communications director Christian Dolezal told MTI.

Dolezal said the consortium had not been informed in writing that MOL unit FGSZ Földgázszállító would exit the project. He declined to comment on press reports on the matter.

MOL said late in April that the continued financing of the pipeline was unsustainable and declined to approve the project company's budget for this year.

Chairman-CEO Zsolt Hernádi said after a shareholders meeting a few days later that MOL was prepared to sell its stake in the Nabucco project company. He said MOL had indicated its reservations concerning the project since 2010, but received no response.

The Nabucco pipeline would bring gas from Central Asia to Europe, reducing the region's energy dependence on Russia.

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