The European Bank for Reconstruction and Development has acquired a 25% stake in the Vestmoldtransgaz gas transmission company, which operates the newly built Ungheni-Chisinau gas transmission pipeline. The announcement was made in a statement issued by the EBRD.
The EBRD has invested 20 million euros as part of Vestmoldtransgaz's capital increase.
Established in 2014, Vestmoldtransgaz owns and manages the gas pipeline network in western Moldova and provides natural gas transportation services in Moldova. In 2018, it was taken over by Eurotransgaz srl, a subsidiary of SNTGN Transgaz SA, the company that operates the Romanian natural gas transmission system.
The 120 km long Ungheni-Chisinau pipeline will soon become operational and complete the interconnection of gas transmission systems in Romania and Moldova by connecting Chisinau to the Iasi-Ungheni interconnection pipeline between the eastern city of Romania, Iasi and Ungheni, a city from the Republic of Moldova, on the border with Romania.
The Ungheni-Chisinau gas pipeline will allow Moldova - a country that is 90% dependent on energy imports - to diversify its energy sources.
Ion Sterian, General Manager of Transgaz, stated: “As you know, in March this year, Transgaz and EBRD signed the Memorandum of Understanding on cooperation and support for investments in the Romanian energy sector.
The transaction between the EBRD and Vestmoldtransgaz (VMTG), Moldova's Transgaz subsidiary, is another confirmation of the EBRD's active partnership with Transgaz, a partnership that expresses the bank's interest in supporting Transgaz's strategic investment program to develop interconnection of natural gas networks in Moldovan region, leading to improved security and diversification of natural gas sources.