MVM Agrees With Gazprom on Deferred Gas Payments

Energy Trade

Hungarian energy company MVM on Monday said it reached an agreement with Russia's Gazprom on making deferred payments for gas for the winter, according to a report by state news wire MTI.

MVM said the deferred payments would increase its financial room for maneuvering.

The energy company also said it decided to tap some 800 million cubic meters of cushion gas in a storage facility in Hadjúszoboszló (178 km east of Budapest) and weigh its replacement with carbon dioxide in the interest of achieving emissions reduction targets.

MVM noted that the market value of the cushion gas in Hajúuszoboszló is around EUR 1.5 billion.

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