BUDAPEST (Dow Jones)--Hungarian oil and gas company MOL Nyrt. (MOL.BU) Wednesday unveiled an initiative to set up an integrated natural gas transmission company for Central and southeastern Europe.
MOL's gas transmission subsidiary, MOL Foldgazszallito Zrt. would be acting on behalf of MOL to unite the region's gas pipeline networks within a new and independent company, MOL said.
Mol said the new company would be created under joint ownership and management with as-yet unidentified partner firms and would operate one of Europe's largest gas pipeline networks with a length of 27,000 kilometers.
Gas transmission companies in Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Romania, Bulgaria and Austria have all been invited to take part in the ongoing discussions, MOL said, adding that the initiative was open to other market players in the region as well.