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Gazprom, Mol to build gas storages in Hungary


OAO Gazprom of Russia and Hungary's MOL Nyrt plan to spend at least Ft 100 billion ($457 million) building natural-gas storage facilities in Hungary, Világgazdaság reported on Wednesday, without naming a source. Mol and ZMB GmbH, Gazprom's German subsidiary, signed a preliminary agreement about the planned development yesterday, the paper said. The two companies will establish a “study company'' to start preparations for the development. Gazprom Chief Executive Officer Alexei Miller, who is visiting Mol executives in Hungary, will also have talks with Hungarian Premier Ferenc Gyurcsány and Economy Minister János Kóka today, the newspaper added. Gazprom and Mol will also sign an agreement today about the development of gas transit through Hungary and the cooperation of the two companies in the oil industry, Világgazdaság said. (Bloomberg, Vg 1)