MOL: Many Uncertainties Around Nabucco Pipeline Project

There are many uncertainties around the Nabucco natural gas pipeline project, Hungary's oil and gas company MOL Nyrt (MOL.BU) said Tuesday, in remarks that show the firm is reconsidering its participation in the project.

"There are many uncertainties around the Nabucco project that would be hard to ignore. Both the financing background and the gas source are uncertain," the company said in a statement. "We are still committed to the diversification of the [central and eastern Europe] energy supply, though as a private independent company we owe our shareholders the highest possible economic justification as well," it added.

MOL is now the second major shareholder to reconsider its role in the Nabucco consortium; Germany's RWE AG (RWE.XE) Chief Executive said earlier this year that it could scrap its plans for Nabucco, a controversial pipeline plan which aims to transport natural gas from the Caspian region to central Europe via Turkey.

-By Alessandro Torello, Dow Jones Newswires; [phone]; [e-mail]