In the General Meeting of Transgaz Shareholders held on 12 March, the financing of the Plan for the Development of the National Gas Transmission System for the period 2018-2027 was rejected.
“With 1672809 votes in favour, representing 19.092550% of the total number of expressed votes, with 7088765 votes against, representing 80.907370% of the total number of expressed votes, and with 7 abstentions, representing 0.000080% of the total number of expressed votes, does not approve on this date the financing of the 2018 – 2027 Ten Year Network Development Plan,” a communique of the company informs.
The document also mentions that 2018-2027 TYNDP is necessary to be supplemented with information regarding investments ensuring the development of the transmission network on the territory of Romania, investments in the current infrastructure and investments necessary for meeting the commitments to the European Commission (such as the achievement of interconnections at the volumes and within the technical parameters assumed), and regarding the tolerability of the financial effort undertaken.
According to 2018-2027 TYNDP, Transgaz had planned total investments of EUR 1.9bn to expand the gas transmission system.
The most important project of the plan is BRUA (Bulgaria – Romania – Hungary – Austria interconnector), phase I – worth EUR 478.6mln, phase II – which will require EUR 68.8mln, followed by phase III – worth EUR 530mln.
Other major projects target development on Romania’s territory of the southern transmission corridor, to take over gas from the Black Sea coast, for which the amount of EUR 360mln is allocated.
To develop the gas transmission system in the eastern part of Romania, investments of EUR 174mln will be allocated, and for NTS interconnection with the T1 transit pipeline and reverse flow in Isaccea another EUR 101mln will be spent.
At the same time, interconnection with Ukraine will cost EUR 125mln and that with Serbia – EUR 42mln.
“By achieving the targets established in the 10-year Development Plan, 2018-2027, Transgaz aims to become a gas transmission operator on the international gas market, with an upgraded, smart national transmission system, integrated at European level and with a modern management system aligned with the international performance standards and legislative regulations,” the document presented to shareholders reads.