MVM: We're ready to step in to replace multinationals

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A representative for state-owned Hungarian electricity and energy group MVM told MTI it was ready to take over the role of multinational companies withdrawing from the region.

MTI asked the company to respond to information carried by Hungarian news portal 444.hu that Hungary was in talks about the purchase of the Slovak Electricity Works. The Italian owner wants to sell 66% of the company and the Hungarian buyer could be state-owned MVM or minority state-owned oil and gas company MOL, the news portal reported.

Companies in the energy sector are watching anxiously as the state prepares to move deeper into the utilities business.

A MVM representative said the company is seeking ways to expand in a mutually beneficial way in the field of energy in the region. It noted that it has become the biggest Hungarian-owned company in Hungary, the fourth biggest Hungarian company and the 25th group in Central Europe.

MVM's spokesperson said the company is ready to take over the role of multinationals leaving the region, especially when there are synergies to make an efficient use of its assets in addition to improve the energy safety of the region.

The group has the task to realize energy policy goals in line with the energy strategy, to preserve the stability of the energy systems and to maintain capacities. The most important goal is safety of supply and the diversification of procurement and supply routes and the rational and economic operation of the assets, the company representative said.

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