Financing Awarded for European Pipeline Construction Project
Transgaz has been awarded EUR 50 million from the European Investment Bank for the first phase of construction of the Romanian section of the Bulgaria-Romania-Hungary-Austria (BRUA) Pipeline Project, a European gas transmission pipeline designed to increase security of gas supply and to reduce energy dependence by making it possible to diversify gas supply routes and sources. The financing is backed by the European Fund for Strategic Investments under the Investment Plan for Europe.
With the financing, Transgaz will build a 478-kilometer natural gas transmission pipeline between Podisor and Recas along with compressor stations located in Podisor, Bibesti and Jupa.
“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,” European Investment Bank Vice President Andrew McDowell said. “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.”
Construction of the Romanian section of the BRUA Project is expected to be completed in December 2019.
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