Corridor to link the gas transport systems from Romania, Hungary, Austria, Bulgaria and Greece

The state company Transgaz  controlled by the ministry of economy hosts on Wednesday a meeting with the representatives of the operators of the natural gas transport systems in Greece (DESFA), Bulgaria (Bulgartransgaz), Hungary (FGSZ) and ICGB,the company which develops interconnection between Greece and Bulgaria with a view to signing the memorandum regarding the vertical corridor of gas that would link the natural gas transport systems from Romania, Hungary, Austria, Bulgaria and Greece announced the company.

The signing of this memorandum is preceded by the signing of a joint statement by ministers of energy in Hungary, Romania, Bulgaria and Greece and a joint statement of the transport operators. These adopted on 9 September 2016 on the occasion of the reunion of the group at high level for the Connectivity of the Gas Networks in Central and South-East Europe (CESEC).

‘As observer, there were invited to take part operatorsof the natural gas transport systems in Serbia-– SRBIJAGAS, Ukraine – UKRTRANSGAZ, Slovakia – EUSTREAM and form the Republic of Moldova   – VESTMOLDTRANSGAZ.The ceremony expects to have the participation of companies with which Transgaz has relations of collaboration amongh which Exxon Mobil, OMV  Petrom, Socar Romania, Black Sea Oil and Gas, Deloitte Romania’ the press release shows.

The concept of a vertical corridor, which will allow the transport of natural gas in the Caspian region to Central Europe  was crystallised in Brussels in 2014 in the context of the objectives of the European Union to diversify the routes and sources of supply of the member states.

Transgaz is a monopole of natural gas transport in Romania, controlled by the ministry of economy which owes 58.5% of the shares. The company is listed with BVB and has a market value of 4.9 billion lei (1.07 billion euro) at the last  closing price.

The company reported last year a net profit of 595,7 million lei (132.4 million euro) up by 22% againstthe previous year.

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