JV With Gazprom For Storing Gas To Ensure Romania's Energy Security In Winter - Econ Min

Videanu said further bilateral talks will be held in the second part of July between the two parties involved in the joint venture, namely state-owned gas producer Romgaz Medias and Gazprom.

"We sent a notice to the president of Gazprom Export, Medvedev (e.n. Alexander Medvedev), who is also Gazprom's vice-president, and we agreed to hold the meeting between the two joint commissions in the second part of July, in order to get as close as possible to accomplish our task," Videanu told a news conference Tuesday.

Romgaz has already ordered the feasibility survey for the gas storage facility at Roman-Margineni, Videanu added.

"Thus, we want to find the legal solution to involve Gazprom’s experts in the development of this feasibility study, to avoid wasting time with correlations or misunderstandings upon its completion," Videanu said, pointing out he would accept that Gazprom sends representatives for the feasibility study completion.

Asked whether Romgaz JV should hold over 50% of the joint venture's share capital, Videanu said he believes “in an honest partnership”.

"I do not believe in something in which one party makes the other suspicious, but in a 50-50 win-win fair deal for both parties," the minister said.

Videanu added the partnership aims to ensure Romania’s energy security. Thus, according to the law, in the event of an emergency, Transgaz, on behalf of the state, disposes of the gas use, no matter the ownership of the stored gas.

The gas storage facility in Margineni will increase the country’s gas storage capacity by almost two billion cubic meters, from the current three billion cubic meters. This is further deemed to ensure the country’s energy security during the winter period, he added.

Romania, through state-owned gas producer Romgaz Medias, signed early June the first agreement after 1989 with Russian natural gas monopoly Gazprom, which also stipulates the setup of a joint venture for storing and selling natural gas.

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