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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.