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El Paso to Sell Hungarian Stake

El Paso Corporation, owner of the largest U.S. network of natural-gas pipelines, agreed to sell its 50% stake in a Hungarian power plant to Dunaferr Corp. for USD 39 million, completing its exit from European electricity businesses and raising cash to cut debt. The plant, called EMA-Power and located near Budapest, supplies power, turbo air, steam and softened water to the adjacent Dunaferr steel mill, Houston-based El Paso said yesterday. (Bloomberg)