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Hungary section of South Stream pipeline could be transferred to MVM - Világgazdaság

The Hungarian section of the South Stream gas pipeline could be transferred to the state-owned Hungarian Electricity Works (MVM) from the state-owned Hungarian Development Bank, business daily Világgazdaság reported on Thursday.

The paper said progress was made on the project at the Moscow talks between Hungarian development minister Tamas Fellegi and chairman of Gazprom's board of directors Aleksey Miller on September 16, which was confirmed at Fellegi's talks with Russian deputy prime minister Viktor Zubkov in Budapest on October 11. "With the gas import investment project now enjoying government support, the track variety bypassing Hungary can now be removed from Gazprom's list of project options," the paper said.

The paper notes that the strengthening of the state-owned electricity group is one of the key elements of Hungary's energy strategy. Through its subsidiaries, MVM will control the country's gas exchange as well as part of the gas trade and transport sector.