Hungary's state-owned utility MVM Zrt. said Tuesday that it will buy a minority stake in Fogaz Zrt., which supplies natural gas to 820,000 households and business customers in Budapest, from German utility firm RWE AG's (RWE.XE).
Hungary
's
state-owned utility MVM Zrt. said Tuesday that it will buy a minority stake in
Fogaz Zrt., which supplies natural gas to 820,000 households and business
customers in
Budapest
, from
German utility firm RWE AG's (RWE.XE).
MVM will pay 41 billion forints ($187.4 million) for RWE International B.V.'s
49.8% stake in Fogaz, it said. MVM will finance the purchase from funds it will
receive through the national asset management company MNV Zrt.
Following the transaction, the
Budapest
municipality will continue to hold its further 50% stake in the company, said
MVM.
The state-owned company also said it will acquire a 50% stake in Panrusgaz
Zrt., which is responsible for natural gas imports from Russia, from German
energy company E.ON Ruhrgas Portfolio GmbH for HUF940 million.
Hungary
is
heavily dependent on natural gas imports from
Russia
.
Following the deal, MVM will be co-owner of the company with
Russia
's OAO
Gazprom Export, in turn owned by OAO Gazprom, and Vienna-based natural gas firm
Centrex Europe Energy & Gas AG.
The deals are in line with the policy of the ruling Fidesz party to buy stakes
in companies it regards as of strategic importance, including utilities. It
says the companies were erroneously privatized as part of
Hungary
's
move to a market economy after the fall of a command economy in 1989.
Hungary
is in
talks with six or seven utilities about a state buyback, Prime Minister Viktor
Orban has said. The state has already bought back a municipal water utility
firm from
France
's GDF
Suez SA and the Hungarian natural gas arm of German energy company E.ON SE.
Διαβάστε ακόμα
Παρ, 26 Ιουλίου 2024 - 16:04
Παρ, 26 Ιουλίου 2024 - 16:02
Τετ, 24 Ιουλίου 2024 - 15:10
Τετ, 24 Ιουλίου 2024 - 15:06
Τρι, 23 Ιουλίου 2024 - 16:51