MOL and Gazprom decide against joint gas storage facility

Energy Trade

Hungarian oil and gas company MOL on Wednesday said that it and Russian peer Gazprom decided against building an underground gas storage facility based on the results of a feasibility study.

MOL signed an agreement with Gazprom Export on establishing the facility in a 50-50 joint venture in 2009.

Construction was set to start after 2010 and the 1.3 billion cubic meter facility was to start operating in 2012 or 2013.

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