The European Bank for Reconstruction and Development (EBRD) purchases a 25 percent stake in Vestmoldtransgaz, the gas transmission company operating the newly constructed Ungheni-Chișinău gas pipeline.
The EBRD announces the acquisition of a 25 percent stake in Vestmoldtransgaz, the gas company that is operating the newly built Ungheni-Chișinău gas pipeline. Therefore, the EBRD has invested €20 million.
According to the Transgaz director, EBRD supported Vestmoldtransgaz with the environmental and social components of the Ungheni-Chișinău project.
Founded in 2014, Vestmoldtransgaz owns and manages a gas pipeline network in western Moldova and provides natural gas transportation services. In 2018 Eurotransgaz took over Vestmoldtansgaz, a subsidiary of Transgaz, the company operating the Romanian natural gas transmission system.
The construction works of the Ungheni-Chișinău gas pipeline started on February 18, 2019, and the estimated value of the project is about €80 million, according to the cost estimates from the project documentation prepared by Transgaz, Romania.
The 120 kilometers Ungheni-Chișinău gas pipeline is to ensure the transport of gas in a volume of 1.5 billion cubic meters/year. After completion of the 165 km Romanian section in 2021, with two compression stations in Onești and Gherăești, its transport capacity will increase up to 2.2 billion cubic meters/year.
According to the Ministry of Economy, the pipeline will be able to provide about 75 percent of Moldova’s average consumption (including the breakaway Transnistrian region), or about 60 percent of the average consumption of the country during the cold period of the year.