Equity
Hungary MOL stake in Nabucco drops
MOL did not pay its EUR 3 million share of the August capital increase therefore the stake of FGSZ in Nabucco declined, while the other five shareholders’ holding grew to 17.1% each. Zsuga said MOL’s part in Nabucco could further drop upon the next capital hike, as a result of which the partners - Bulgarian Energy Holding (BEH), Romanian Transgaz, Turkish Botas, Austrian OMV and German RWE - can become 17.6% owners.
MOL announced this April that it does not wish to further finance the project in its current form, refusing to accept its high investment costs.
MOL Chairman-CEO Zsolt Hernádi said in April that his company had been signalling to the Nabucco consortium since 2010 that it had serious concerns about certain elements of the project. As these have fallen on deaf ears MOL decided to withdraw from the financing of the project, he added.
FGSZ CEO they could finance the project responsibly only if they saw future returns. MOL offered to lend the necessary funds which would be classified as capital if certain conditions are met. The consortium, however, turned this offer down.
Zsuga said Nabucco’s fate could be sealed next summer when the BP-helmed consortium developing the Shah Deniz 2 gas field in Azerbaijan makes its final investment decision on the project. But in order to make Nabucco the winner appropriate preparations need to be made by then, he added. In his view, there is potential in Nabucco, but it needs to be made more competitive; a shorter version of the pipeline, for instance, could be a step in that direction.
MOL announced this April that it does not wish to further finance the project in its current form, refusing to accept its high investment costs.
MOL Chairman-CEO Zsolt Hernádi said in April that his company had been signalling to the Nabucco consortium since 2010 that it had serious concerns about certain elements of the project. As these have fallen on deaf ears MOL decided to withdraw from the financing of the project, he added.
FGSZ CEO they could finance the project responsibly only if they saw future returns. MOL offered to lend the necessary funds which would be classified as capital if certain conditions are met. The consortium, however, turned this offer down.
Zsuga said Nabucco’s fate could be sealed next summer when the BP-helmed consortium developing the Shah Deniz 2 gas field in Azerbaijan makes its final investment decision on the project. But in order to make Nabucco the winner appropriate preparations need to be made by then, he added. In his view, there is potential in Nabucco, but it needs to be made more competitive; a shorter version of the pipeline, for instance, could be a step in that direction.
