FGSZ takes over the activity of MGT and becomes the single TSO of the entire domestic natural gas transmission system
2019. 10. 04.
On October 4, 2019 at 6 a.m., FGSZ took over the operation of the 92 km long natural gas transmission pipeline from MGT Ltd. connecting Hungary to Slovakia thus, the entire, nearly 6000 km long high-pressure natural gas transmission pipeline system of Hungary is now operated by FGSZ.
In addition, FGSZ Ltd. continues to perform its tasks as transmission system operator of the interconnected natural gas system.
“The takeover of the licensed activity went smoothly, thanks to the efficient cooperation among the Experts of FGSZ and MGT. I hereby wish to express my appreciation for the work of all professionals involved as it enables us to provide our services to our Partners according to the highest standards from now throughout the entire country.” - said Szabolcs I. Ferencz, Chairman-CEO of FGSZ Ltd.
The transaction is expected to close in mid-October, when the MGT shares will also be held by FGSZ. The terms and conditions of the acquisition of MGT's line of business, including the licensed activity, the takeover of employees and assets, and the purchase price are subject to Government resolution No. 1366/2019. (VI. 25.).