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Gazprom, MOL to link pipeline to Europe

OAO Gazprom, the world's largest natural gas exporter, plans to spend about Euro 5 billion extending a natural gas pipeline to supply European countries through eastern Europe. Gazprom wants to work with Budapest-based MOL Rt, eastern Europe's largest oil company, to extend the Blue Stream pipeline, which now ends in Turkey, through countries including Italy, Serbia and Croatia, Hungarian Economy Minister János Kóka said. The extension may be finished in five years, he added. As part of cooperation plans, MOL also signed an agreement with German Gazprom subsidiary ZMB GmbH to examine the possibility of building a gas storage facility with a capacity of 10 million cubic meters in Hungary, with a feasibility study to be completed in one to three years. (Bloomberg)