Gazprom and MFB have created a joint engineering company, South Stream Hungary Zrt, to implement the South Stream project in Hungary.
South Stream Hungary Zrt will organise 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.
The incorporation documents were signed at a ceremony in Budapest, Hungary, in the presence of Russia’s First Deputy Prime Minister Viktor Zubkov and Hungarian Prime Minister Gordon Bajnai.
With a capacity of 63 Bcm/a, the South Stream Pipeline will deliver gas from Russia and Central Asia to Europe via the Black Sea.
The pipeline is expected to cost between $US28–36 billion and is planned to become operational in 2015.
Image caption:
Gazprom Deputy Management Committee ChairmanAlexander Medvedev; Hungarian Prime Minister Gordon Bajnai; Hungarian Finance Minister Peter Oszko; MFB Chief Executive Officer Janos Eros. Photo by RIA Novosti, courtesy of Gazprom.
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