Hungarian PM Mr Gyurcsany meets Vlagyimir Putyin next Monday to discuss business opportunities between Russia and Hungary. According to press information the extension of the Blue Stream pipeline will be one of the major topics of the discussions.
Our view: The extension of the pipeline would be definitely favorable for MOL, the owner of the high pressure natural gas pipelines in Hungary as it could expect higher transmission revenues. However, this is already factored into MOL's share price, we believe. PM visit to Russia only indicates the acceleration of this project.