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MOL, Srbijagas in gas-supply deal - extended

Energy Trade

Serbia’s Srbijagas and Hungary’s MOL Group signed a deal under which MOL will sell 500,000 to 1 million cubic meters of gas. Head executives from Serbia’s public gas enterprise and MOL Group signed the contract in Budapest October 24.

Serbian B92 Radio reported that deal, signed Wednesday, will go into effect if Russian supplies to Serbia are insufficient. Based on the deal, the MOL will provide half to a full million cubic meters of gas for Serbia from its own sources, in case Russian supplies are insufficient.

Should weather conditions dictate the need for larger heating gas amounts this winter, in other words, should the 10 million cubic meters arriving from Russia not suffice, MOL is willing to, just as it did last year, help maintain Serbia’s energy stability, the parties said at the signing ceremony.

„MOL understand the situation in Serbia and the importance of a secure energy supply, considering that Hungary uses a significant amount of natural gas as an energy source,” Lajos Alács, MOL business strategy and development executive officer, told reporters in the Hungarian capital.

Last winter weather conditions made Russia’s 10 million cubic meter of gas to Serbia insufficient. Wednesday’s deal underscores a similar commitment by MOL.

Iranian President Mahmud Ahmadinejad has said he thinks the Iran-Armenia gas pipeline might be extended to Europe. „The Europe option is a very good idea and we welcome it,” he said. “We need to carry out a feasibility study, and if the results are positive, I see no problem.”

The comments, which were made Wednesday, were reported by Public Television of Armenia. Ahmadinejad also said talks between Armenia and Iran on the construction of an oil refinery in Armenia were ongoing. „I assess the negotiations very positively,” he said. „Let us wait for their result, and afterwards an agreement could be signed. This is a successful field for trilateral Armenia-Iran-Russia cooperation.” (earthtimes, upi, B92)

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