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Gazprom, MFB Create South Stream Hungary Zrt JV CO

Source: www.gulfoilandgas.com 1/29/2010, Location: Asia

Today in Budapest (Hungary) in the course of the Russian-Hungarian Intergovernmental commission meeting in the presence of First Deputy Prime Minister of the Russian Federation Viktor Zubkov and Hungarian Prime Minister Gordon Bajnai the procedure of signing the incorporation documents of the South Stream Hungary Zrt. joint engineering company (JEC) was completed.

The company is created on an equal basis by Gazprom and MFB – Hungarian Development Bank for the purpose of implementing the South Stream project in Hungary. The registration procedure will start simultaneously with the incorporation documents signing.

South Stream Hungary Zrt. will organize the preparation of a feasibility study of the Hungarian segment of South Stream, as well as finance, build and manage the gas pipeline in Hungary.

“For all the participants of the South Stream project the entry of Hungary into this large-scale joint endeavor is a markedly important development. We consider it to be another proof that our partners have a sophisticated understanding of this mutually beneficial trans-European infrastructural project. We have no doubt whatsoever that South Stream will serve as a guarantee of security and flexibility of Russian natural gas supplies to European markets,” said Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee.

“Today’s signing of the article of association of the joint venture company, which plays such a major role in the implementation of the Hungarian section of South Stream, is the result of constructive negotiations by the two cooperating parties. In line with the objectives stated by the Hungarian Government, MFB shall continue to fulfil its duty as Gazprom’s partner in successfully completing the South Stream gas pipeline, a project of substantial Hungarian, and I believe European significance,” declared MFB CEO Janos Eros.

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