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Hungary Strikes Gazprom Deal as Gas Bill Threatens Economy

  • Power company MVM to be allowed to make delayed payments
  • EU nation’s soaring gas bill is aggravating economic concerns
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Russian energy giant Gazprom PJSC will allow Hungary to delay payments for natural gas if necessary, as soaring imports threaten to upend the country’s already strained budget.

Hungary has won a three-year delay on gas bills coming due in the next six months, the Economic Development Ministry said in a statement on Monday. At 300 euros ($292) per megawatt-hour, that would amount to 3.5 billion euros to 4.5 billion euros, the ministry said. The agreement is between Gazprom and Hungary’s state-owned energy company MVM Zrt.