MOL, Gazprom heads talk pipeline

Energy Trade

Heads of Hungary’s MOL and Russia’s Gazprom met for discussions on the project–company established to prepare the Hungarian section of the South Stream gas pipeline.

Leaders of MOL and Gazprom discussed the results achieved by the project–company established to prepare the construction of the Hungarian section of the gas pipeline, South Stream. Gazprom’s chairman of the board Alexei Miller and MOL CEO Zsolt Hernádi discussed “bilateral crude oil and natural gas cooperation.” Hernádi also informed Miller of the initiative to establish a joint gas supplying company to strengthen cooperation in the Central and South Eastern European region. Russia provides 80% of the natural gas used in Hungary. In 2006 MOL and Gazprom signed an agreement on founding a project-company to build the Southern European Pipeline and establish a gas reserve system in Hungary. Gazprom and MOL share 50-50% ownership in the project company. (Gazdasági Rádió)

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