The transaction will conclude the sale of El Paso's European power assets, and is in line with El Paso's plan to significantly reduce the company's debt by the end of this year. At the other end, the buyout may enable Dunaferr to go ahead with construction of a planned 200 MW combined-cycle power plant, intended to serve industrial customers in the area. EMA-Power, based in Dunaujvaros, currently sells electricity, turbo air, steam, and softened water to the adjacent Dunaferr steel mill. The project has a total energy capacity of approximately 667 MW. El Paso acquired its interest in the complex in 1996. The sale, which is subject to approvals by the Hungarian Energy Office and the Office of Economic Competition, is expected to close by the first quarter 2006. EMA-Power had sales revenues of HUF 11.6 bln (USD 57 mln) last year, and HUF 6.7 bln in the first half of this year, slightly lower than planned as the company has not been able to raise prices vis-a-vis Dunaferr since 2003, although a new pricing agreement signed in July this year is expected to put revenues back on track. Of all revenues, steam accounted for 42% and turbo air for 29%.