MOL Group sees the mandates of the IFI’s as a major step towards realisation of the Nabucco project

Brussels, 6th September 2010 - A mandate letter has been signed today in Brussels by International Financial Institutions (the European Bank for Reconstruction and Development; the European Investment Bank; IFC, a member of the World Bank Group), the shareholders of Nabucco and the Nabucco Gas Pipeline International Gmbh.

This is the start of the appraisal process of the Nabucco project in connection with total potential financing of up to EUR 4 billion. It also formalises the conditions under which the three IFIs will conduct their appraisal of the project and provides an indication of their potential amount of financing. In addition, it sets out the work that will be required for a final financing decision to be taken.

Mr. Sándor Fasimon, Senior Vice President – MOL Group Supply and Trade remarked “Nabucco is a core project for Central & Eastern Europe since it will provide real gas to gas competition and security of supply to a part of Europe that still lags behind in the necessary infrastructure and diversification of resources.”

“The signing of the mandate letter is an important step towards the realisation of this vital project. However, there is still a lot of work to be done. Until reaching the final investment decision, we need to take advantage of this fresh momentum and harmonise the project, particularly with the availability of gas resources of Azerbaijan and Iraq. We must never forget that this project must be based on sound business logic” added Fasimon.



Press contact:
Linda Murányi
MOL Group - International Communications Expert
Tel.: +36-1-464-1764
Mobile phone: +36-70-373-4241
www.mol.hu/en 


MOL Group

MOL Group is an international and integrated oil and gas company, headquartered in Budapest with operations in EMEA and the CIS and employing over 34 000 people worldwide. The Group owns five refineries in Hungary, Slovakia, Croatia and Italy with a total capacity of 23,5 mtpa. The Wood Mackenzie global survey reports that those in Hungary and Slovakia are among the most efficient in Europe. It also operates over 1 600 filling stations, has oil and gas exploration activities in 15 countries and is active in regional gas transmission and trading. In petrochemicals, MOL Group is among the top ten polymer market players in Europe.