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El Paso to sell 50% stake in power plant to Dunaferr

El Paso Corp., owner of the largest U.S. network of natural-gas pipelines, agreed to sell its 50% stake in a Hungarian power plant to Hungarian steel maker Dunaferr for about $39 million to reduce debt. The plant, called EMA-Power and located near Budapest, supplies electricity, turbo air, steam and softened water to the nearby Dunaferr steel mill, Houston-based El Paso said today in a statement on PR Newswire. El Paso said the sale will complete the company's exit from European power businesses.