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5

Gazrpom Discusses South Stream Construction with Hungary

Heads of Hungarian oil company and Gazprom held talks on the construction of the Hungarian section of the South Stream gas pipeline.

Heads of Hungarian oil company and Gazprom held talks on the construction of the Hungarian section of the South Stream gas pipeline.

The companies Gazprom discussed the results achieved by the joint company established to prepare the construction of the Hungarian section of the gas pipeline.

MOL CEO Zsolt Hernadi also informed Miller of the initiative to establish a joint gas supplying company to strengthen cooperation in the Central and South Eastern European region. Russia provides 80% of the natural gas used in Hungary.

In 2006 MOL and Gazprom signed an agreement on founding a project-company to build the Southern European Pipeline and establish a gas reserve system in Hungary. Gazprom and MOL share 50-50% ownership in the project company.