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MSzKSz asks Mol to lower costs in strategic reserve bid

MSzKSz Strategic Gas Reserve Zrt has asked oil and gas company Mol Nyrt to submit a proposal on lowering the costs of building a state-mandated strategic gas reserve, MSzKSz spokesman Zoltán Sípos said on Monday.

Mol was declared the winner of a tender to build the reserve, expected to cost Ft 100 billion-Ft 150 billion, two weeks earlier. The tender was invited by MSzKSz Strategic Gas Reserve, the project company set up by the Hungarian Hydrocarbon Storage Association (MSzKSz).
Sípos said Mol had to make modifications to the document submitted together with its bid before a contract on the reserve could be signed. Mol's PR department said earlier that the company would disclose no further information on the matter until the contract is signed. Mol will carry out the investment together with MSzKSz Strategic Gas Reserve, in which it is expected to acquire a 62% stake based on its bid. The facility will be built at an old gas field in southeast Hungary.
Legislation approved in the spring requires the construction of a strategic gas reserve with capacity of at least 1.2 billion cubic meters by 2010.