Pipeliners

RBC, 21.06.2006, Moscow 16:37:11.Gazprom signed a cooperation agreement with Hungary's MOL Group in Budapest today, the Russian gas holding's press service reported. The document states that the parties have agreed to establish a company on parity terms in Hungary to carry out a technical and economic feasibility study for a project of building new transnational gas transportation capacities and a system of underground gas storage facilities on the republic's territory. Gazprom's official representative Sergei Kupriyanov told RBC that the project's working title is the South-European gas pipeline. According to him, its purpose is to create a new gas transportation system (for gas originating from both Russia and other countries) to European markets. The project provides for a possible use of the Blue Stream gas transportation system along the Black Sea bed. Considering Gazprom's resource potential, its existing contract portfolio and prospective export agreements, the gas holding considers this the only feasible gas supply route through southeastern Europe. It is also worth noting that Hungary is used as a hub for any similar project, Kupriyanov said. The agreement also envisages cooperation between the companies in regional investment projects in South, East and Central Europe.