Slovak gas transmission system operator Eustream and Hungary's OVIT Zrt., a unit of state-owned power group MVM Zrt., have signed an agreement to pursue the Hungarian-Slovak gas pipeline interconnector project, the companies said in a statement Friday.
Slovak gas transmission system operator Eustream and
Hungary
's
OVIT Zrt., a unit of state-owned power group MVM Zrt., have signed an agreement
to pursue the Hungarian-Slovak gas pipeline interconnector project, the
companies said in a statement Friday.
The firms agreed on the details of further cooperation and key milestones for
the full implementation and financing of the project, the statement said, with
commissioning of the pipeline scheduled for
Jan. 1, 2015
.
An OVIT shareholders' meeting Tuesday adopted a resolution that includes an
increase in the company's equity capital by 2 billion forints ($9.9 million) by
the owner MVM, setting up gas transportation company Magyar Gaz Tranzit to take
on OVIT's gas licensee activity.
The planned pipeline will cover a length of approximately 115 kilometers, or
71.5 miles. It will link the high-pressure system located at
Slovakia
's
Vel'lke Zlievce with the Hungarian transmission network near the
village
of
Vecses
in
the suburbs of
Budapest
.
The total investment needs are substantially above EUR100 million, the
statement said. The project will be partially supported by funding from the
European Energy Program for Recovery.
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