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Transgaz borrows EUR 50 million from EIB to finance BRUA pipeline

de Adrian N Ionescu 23.10.2017

 

Shareholders of Transgaz national gas carrier will provide information on the conclusion of an EUR 50 million loan agreement with the European Investment Bank for financing the first stage of the BRUA pipeline, announces News.ro.

The topic will be debated at the general shareholders’ meeting on November 27, according to the convocation sent to the Bucharest Stock Exchange (BVB).

The EIB loan comes one month after Transgaz approved the Government’s request to grant additional dividends of RON 171 million, besides the dividends of RON 94 million granted to the state for the previous financial year. The total amount of the dividends that the state will receive from Transgaz is EUR 63.5 million.

Transgaz announced a few months ago that it received on July 18, 2017, a letter from the operator of the national natural gas transmission system in Hungary regarding the process planned to be implemented for allocating the capacities related to Romania – Hungary – Austria natural gas transmission corridor.

The BRUA project is a strategic one, developed in the context of the diversification of the natural gas supply sources for the European countries, the increase in the security of Romania’s natural gas supplying process by accessing new sources, the facilitation of Central and South-Eastern European market access to the natural gas in the Caspian region.

Through this project, it will be assured: on Bulgaria’s route – a two-way transport capacity of 1.5 billion cubic meters per year, respectively on Hungary’s route – a transport capacity of 1.75 billion cubic meters/year in the first phase and 4.4 billion cubic meters/year in the second phase.

Now, Transgaz is in the process of implementing the first phase of the project.

The new gas pipeline would have a total length of 550 kilometres. Transgaz received EUR 179 million from the European Commission for this project.

Transgaz, a state-controlled natural gas transport monopoly, posted a net profit of RON 400.5 million (EUR 87.5 million) in the first half of this year, up 42.1% over the same period of last year, on the background of a 26% increase in its turnover.

The company increased its turnover by 26.2% in the first semester compared to the same period in 2016, to RON 1.03 billion (about EUR 226 million).

Transgaz has a capitalization of RON 4.74 billion.

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