Hungarian energy firm MOL Nyrt (MOL.BU) and Russian gas company OAO Gazprom (GZPFY) have terminated a joint venture set up for an investment in Hungary, MOL told state news agency MTI Wednesday.

The two companies teamed up in 2009 to explore the possibility of creating a natural gas storage facility. However, the feasibility study of the project proved discouraging so the firms decided to abandon the investment and terminated the joint venture, MOL said.

The companies each had a 50% share in the project firm Pusztafoldvar Gaztarolo Zrt. The storage site was planned to accommodate 1.3 billion cubic meters of natural gas with a daily output capacity of 15 million cubic meters.

-By Gergo Racz, Dow Jones Newswires, +361-267-0622; gergo.racz@dowjones.com