The Gazprom Headquarters has hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Zsolt Hernadi, Chairman – Chief Executive Officer of Hungarian oil and gas company MOL.

The parties addressed issues surrounding Russian gas supply to Hungary during the current winter season and the progress with the preparation by SEPCO (a joint venture between Gazprom and MOL) of a feasibility study within the project aiming to create the South European Gas Pipeline and an underground gas storage system on the Hungarian territory.

The parties highly appreciated the work done by SEPCO and underscored that, as previously agreed, the feasibility study was planned to be completed by July 2007.

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Russia supplies about 80 per cent of Hungary’s total natural gas imports. Over 2006 Gazprom provided Hungary with 8.7 bcm of gas.

Founded in 1991 on the platform of the Hungarian Oil and Gas Trust (OKGT), MOL is engaged in exploration, development, transportation, and marketing of oil and gas as well as operation of a 5.2 thousand-km-long network of gas trunklines. The company is also owner of more than 440 filling stations in Hungary, Slovakia and Romania.

On June 21, 2006, Gazprom and MOL entered into the Agreement of Cooperation, which stipulates setting up a Project Company to be responsible for preparing a feasibility study for a project aimed at creating the South European Gas Pipeline and an underground gas storage system on the Hungarian territory.

Within the scope of the Agreement, in 2006 Gazprom and MOL set up on a par the Hungary based SEPCO Project Company and formed its Steering Committee.