During the energy crisis, due to the unpredictability of the European and world markets and the extreme fluctuations in prices, the MVM Group took two measures. On the one hand, it seeks to build a broad safety net from a financial point of view, and has concluded an agreement with Gazprom in order to optimize its financing. On the other hand, in order to utilize the natural gas storage capacities more efficiently, transformations and energy improvements are necessary, the MVM Group announced in its announcement.
In the announcement, it is written that in order to mitigate the impact of world market prices, the MVM Group and Gazprom have agreed on deferred payments for the coming winter period. The periodic inclusion of the option of deferred payment in the contract increases the MVM Group's financing flexibility and liquidity security. During the uncertain energy crisis, Hungary's security of supply is guaranteed by the long-term gas contract concluded in September 2021 and the surplus gas volumes provided by Gazprom since then.
On the other hand, with regard to the more efficient utilization of the assets and capacities of Magyar Földgáztórő Zrt. (MFGT), which is owned by MVM, capacity transformation and energy improvements will be necessary in the medium term.
Source: Origo
The full article is available here.
(Cover photo: MTI/Sándor Branstetter )
