Hungary: MVM gets state budget assistance for capital increase

, SEE Energy News

Around 163 million euros from the state budget to MVM for increasing the capital. In 2015, the Hungarian state-owned energy company MVM will obtain around 163 million euros from the state budget to increase the capital.

In 2013, the MVM already got 232 million euros from the budget so as to buy two domestic gas companies from the German energy company the E.ON. The new financial aid from the budget will enable the implementation of the company’s strategic plans, as it has been stated in the explanation of the new draft budget and confirmed to Serbia Energy from MVM.

At the same time, the Government is not expecting the MVM to pay dividends into the budget in 2015 exactly due to the need for capital, whereas in 2012 and 2013, they paid 33 million euros of dividends respectively. By thus obtained capital, the MVM is planning to increase its share in the project of the gas pipe line South Stream as well as to finance the operation of the telecommunication company MVM Net.