MOL to build gas storage facility in Hungary with Gazprom

Falcon is a global energy company with projects in Hungary, Australia & South Africa

Developing large acreage positions of unconventional and conventional oil and gas resources

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solyomtwo

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MOL to build gas storage facility in Hungary with Gazprom

posted on Mar 10, 2009 05:44AM

MOL to build gas storage facility in Hungary with Gazprom

http://www.portfolio.hu/en/cikkek.td...

Tuesday, March 10, 2009 02:20:00 PM

Hungarian oil and gas group MOL has agreed with Gazprom Export LLC on setting up a joint venture to build an underground natural gas storage facility in Hungary, MOL has announced on Tuesday.

The related investment decisions will be made in view of authority approvals and financial and technical feasibility studies, MOL said.

The new 50-50% joint venture will considerably increase the region's energy security, the company added.

The storage capacity of the facility is to be 1.3 billion cubic metres, with daily extraction capacity of 15 mcm.

The facility will be established by the conversion of MOL's Pusztaföldvár-Dús natural gas reservoir.

Works are to be launched after 2010 and the unit is to be up and running around 2012-2013.

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