Gazprom and MOL established a 50-50% joint project company

MOL Hungarian Oil and Gas Public Limited Company hereby announces that on 21 June 2006 MOL and Gazprom signed a Cooperation Agreement and in line with this the two companies established a 50-50% joint project company. The aim of the company is to examine the feasibility conditions of three projects – South-European gas pipeline, regional transit routes and the related underground gas storages in Hungary – that are important for the gas supply security. This step is in line with the strategy of MOL published in November 2005, where the company indicated its intention to participate in the growing regional gas transit business.