Hungary's MOL Thinks Nabucco Company Unsustainable
25 April 2012 - 3:00AM
Dow Jones News
The consortium implementing the Nabucco natural-gas pipeline
isn't sustainable in its current state, the Hungarian member of the
group, MOL Nyrt. (MOL.BU), told Dow Jones Newswires in an emailed
statement Tuesday.
The company's comment comes after it already indicated it has
concerns about the future of the project and after Hungarian Prime
Mister Viktor Orban Monday outright stated that MOL is ready to
abandon the project altogether.
"MOL Group confirms that these concerns still exist and there
hasn't been any satisfactory solution from Nabucco International
Company so far," MOL said. "Therefore MOL has indicated towards NIC
shareholders, and to the Hungarian government, that it doesn't
consider the further financing of Nabucco International Company
sustainable and therefore it did not approve the 2012 annual budget
of NIC."
It also said that it is fully committed to further strengthen
the region's energy security and that a reconsidered Nabucco could
eventually be part of the south "corridor concept," delivering gas
to central Europe.
-By Veronika Gulyas and Gergo Racz, Dow Jones Newswires; +36
30452 3980; marton.eder@dowjones.com
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