Hungarian energy group MOL Nyrt. (MOL.BU) is still withholding financing from the Nabucco natural gas pipeline venture and is ready to see its share in the implementation consortium reduced, the company said Thursday.
Hungarian energy group MOL Nyrt. (MOL.BU) is still withholding financing
from the Nabucco natural gas pipeline venture and is ready to see its share in
the implementation consortium reduced, the company said Thursday.
MOL, represented in the Nabucco venture through its natural gas distribution
arm FGSZ Zrt., said this year that it would no longer fund the Nabucco
initiative unless the concept is reconsidered and a supply of natural gas is
secured to pump into the pipeline once it is built.
Having skipped the latest quarterly financing contribution, FGSZ's share in the
consortium dropped 2% and the company's Chief Executive Janos Zsuga told daily
Magyar Nemzet that its stake may soon diminish further.
Mr. Zsuga is quoted as saying that the fate of the Nabucco--planned to deliver
Caspian natural gas to central
Europe
--is
likely to be sealed next summer when
Azerbaijan
decides if it will pick the Nabucco offer to deliver its natural gas from the
Shah Deniz II field. Mr. Zsuga added that the Azeri field is the only
realistically available source of gas for the project.
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