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MOL, Gazprom sign agreement on gas storage JV

Hungarian oil and gas company MOL has signed a contract with its Russian peer Gazprom Export on the establishment of a 50%-50% joint gas storage business, MOL said.

The two companies will make investment decisions after approval by the authorities and depending on the financial and technical feasibility of the gas store, which will be located in Hungary.

The gas store will be built at a gas field owned by MOL. Construction is expected to start after 2010. It will begin operating in 2012 or 2013. The gas store will have capacity of 1.3 billion cubic meters. Release capacity will be a daily 15 million cubic meters. (MTI – Econews)