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Gazprom and Hungarian Development bank South Stream JV
29.01.2010 23:16
Gazprom and Hungarian Development bank South Stream JV

Russian gas monopolist and MFB, Hungarian Development Bank, have signed foundation documents for South Stream Hungary Zrt. joint venture. The company is to implement South Stream Project in Hungary.
      
      South Stream Hungary Zrt. will organize the preparation ofafeasibility study ofthe Hungarian segment ofSouth Stream, aswell asfinance, build and manage the gas pipeline inHungary.
      
      Inorder todiversify natural gas export routes Gazprom plans tobuild the South Stream gas pipeline across the Black Sea tothe countries ofSouth and Central Europe. The total length ofthe offshore section will bearound 900km,maximum depth over two kmand full capacity 63bcm.
      
      InFebruary 2008 Russia and Hungary signed the Intergovernmental Agreement envisaging Hungarysengagement into the South Stream gas transmission system project.
      
      Gazprom and MFB signed abasic agreement on cooperation inthe construction ofthe gas pipeline and gas transit through Hungary aspart ofthe South Stream project on March 10, 2009. The agreement establishes the principles ofcooperation between the parties during the pre-investment and subsequent stages ofthe project, along with the terms governing the creation and functioning ofthe JEC.
      
      MFB Hungarian Development Bank isengaged infinancing major projects contributing tothe development ofthe Hungarian economy.
      
      source:
      Russian Business


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