Transgaz gets EUR 50 million EIB loan to build a new pipeline for Black Sea gas

18/12/2018 09:11 Natural Gas

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The European Investment Bank (EIB) will award EUR 50 million to finance a new pipeline to connect Romania’s natural gas resources in the Black Sea shore with the national gas transport network as well as the BRUA corridor, according to a statement by the Economy Ministry.

The transaction is supported by the European Fund for Strategic Investments (EFSI), the financial pillar of the investment programme known as the “Juncker Plan”.

 

European Commission vice president Maros Sefcovic, responsible for the Energy Union, salutes the new project “because it will contribute to an increase in energy security and diversification in the region, which is already characterised by a severe vulnerability when it comes to natural gas supply.”

 

The new pipeline will link Romania’s natural gas resources at the Black Sea shore to the national gas transport network as well as to the BRUA pipeline. The project involves the construction of a new pipeline which is 308 km long, together with the related ground-level infrastructure.

 

Last year, the EIB signed two financing contracts with Transgaz, worth EUR 50 million each, to develop the first phase of the BRUA project.

Source: business-review.eu

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