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Gas storage project schedule announced

Oil and gas company MOL Nyrt said the planning and licensing processes for its strategic gas storage development are already underway and construction in Szőreg (south-east Hungary), is scheduled to start in autumn.

MOL Nyrt last November won a state contract to build a 2-billion-cubic-meter gas reserve by 2010, aimed to boost Hungary’s gas storage capacity and ease its dependence on imports. MOL is expected to set up a joint venture with MSzKSz Zrt, a company established by an association of national fossil fuels companies, to manage the investment. The project is valued at about Ft 150 billion, including the Ft 65 billion cost of buying the Szőreg gas field. The reserve will have enough capacity to supply gas for the entire country for 45 days. (Magyar Hírlap)