Hungary Interested in Both Nabucco and South Stream
by AFX News Limited
February 05, 2008
Hungary threw its weight behind the EU's Nabucco gas pipeline on
Tuesday, while at the same time signalling its support for Russia's South Stream
project, a potential rival.
"Hungary is interested in the building of both Nabucco and South Stream,"
said Hungarian President Laszlo Solyom after meeting his Bulgarian counterpart
Georgy Parvanov in Sofia. "We hope that South Stream will branch off into our
Both Bulgaria's Bulgargaz and Hungary's MOL Nyrt are currently shareholders
in Nabucco Gas Pipeline International GmbH, the project company in charge of
planning the 5 billion eur project.
Romania's Tranzgaz and Turkey's Botas are also partners in the
3,300-kilometer pipeline, which would bring gas from the Caspian region via
Turkey to Europe from 2012. The project is led by Austria's OMV AG.
South Stream is a potentially conflicting project involving a 10 billion eur
pipeline being built by Russian gas giant Gazprom and ENI of Italy.
South Stream will cross the Black Sea into Bulgaria and then split into two
arms, one going northwest to Austria and the other south to Greece and then west
to southern Italy. The pipeline should be operational by 2013.
Copyright 2008 AFX News Limited. All Rights Reserved.
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Nabucco Gas Pipeline International Gmbh
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