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Fri, May 24 2013

Hungary's MOL prepares ground for Nabucco withdrawal

Wed, May 02 2012 08:09 CET

byThe Budapest Times

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Hungary's MOL prepares ground for Nabucco withdrawal

A worker controls a gas valve in pipelines at oil and gas group MOL's gas transmission subsidiary in Vecses

Photo: Reuters

The European Commission has not received an official notice yet but statements by oil corporate MOL suggest that the Hungarian company is planning to abandon the Nabucco pipeline project.

Nabucco – to be constructed in a joint venture of Austria, Romania, Bulgaria, Turkey and Hungary – is planned to transport gas to Europe from a yet-unknown Central Asian country – such as Azerbaijan or Turkmenistan – as an alternative to the rival Russian project South Stream.

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