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BUSINESS IN SHORT

Trans-border pipeline agreement

A NATURAL gas pipeline that will interconnect Slovakia and Hungary is closer to realisation after a Joint Development Agreement (JDA) was signed by Eustream, Slovakia’s gas transmission system operator, and Magyar Gáz Tranzit (MGT) of Hungary, the TASR newswire reported. By signing the agreement both companies committed to bring the project to a successful conclusion and agreed on rules and conditions for the pipeline’s construction.

A NATURAL gas pipeline that will interconnect Slovakia and Hungary is closer to realisation after a Joint Development Agreement (JDA) was signed by Eustream, Slovakia’s gas transmission system operator, and Magyar Gáz Tranzit (MGT) of Hungary, the TASR newswire reported. By signing the agreement both companies committed to bring the project to a successful conclusion and agreed on rules and conditions for the pipeline’s construction.

The JDA describes how the work will be divided between the companies in what is officially called the Slovak-Hungarian Gas Pipeline Interconnector Project.

“Eustream is confident that market participants will confirm their interest now so that the gas interconnection between Slovakia and Hungary can be properly completed,” stated Gunnar Löwensen, chairman of the board of directors of Eustream, as quoted by TASR.

The partners agreed on the goal to start commercial operation of the new pipeline by January 1, 2015.
Completion of the project is expected to significantly contribute to better energy security in Europe and lead to better diversification of natural gas transmission routes, TASR wrote.

Eustream and MGT have already announced public procurement of materials and contractors for the pipeline. The expected cost of the project is €160 million. The construction costs will be partially supported with €30 million from the European Energy Programme for Recovery (EEPR).

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