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EIB to lend EUR 50M to Romania national gas company Transgaz

The loan will finance the construction of a new gas corridor

30 October, 10:33
(ANSA) - ROME - The European Investment Bank (EIB) is lending EUR 50m to Transgaz, the national gas transmission company of Romania, to finance the construction of a new European gas transmission corridor to increase security of gas supply and to reduce energy dependence by making it possible to diversify gas supply routes and sources, a press release reported.

The new pipeline represents the first phase of the Romanian section of the gas pipeline from Bulgaria to Austria via Romania and Hungary (BRUA). This facility, established in 2013, is a key EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment at European level. The EIB funds will finance the construction of a 478-km natural gas transmission pipeline between Podisor and Recas and the construction of three compressor stations located in Podisor, Bibesti and Jupa in Romania.

''This strategic project implemented under the Investment Plan for Europe will interconnect the South-East and the Central European gas transmission infrastructure and eliminate the dependence of South-Eastern European countries on a single gas supplier'', EIB Vice President Andrew McDowell commented. ''It will improve the security of supply for these countries, opening up access to potentially cheaper gas, and delivering improved price convergence and transparency, consequently reducing consumer vulnerability. It will have a significant impact on employment, creating some 4 000 to 5 000 jobs during the construction phase and 300 to 400 positions during the pipeline's operation.'' ''This is an outstanding event for our company and for other Romanian and regional gas market players'', Director General of SNTGN Transgaz SA Ion Sterian stated. ''The European Investment Bank has confidence in Transgaz's ability to successfully complete such a significant project for the development of the EU's gas transmission infrastructure.'' (ANSA).

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