Romanian Romgaz Inks JV Agreement With Russia's Romgaz

"Following the visit to Moscow (e.n. May 20-21), we signed the first direct collaboration agreement after 1989 between Romgaz and Gazprom, which stipulates ... the setup of a joint venture  owned 50%-50% by the two companies, for storing and marketing gas - through cogeneration or direct sale," Romanian Economy Minister Adriean Videanu said Monday

The minister had previously stated that the setup of the joint venture referred to the construction, in Romania, of several gas storage facilities, as well as thermal power plants.

"The next step is to set up a joint commission between the two companies, that would draw up the documentation for establishing the joint venture, the evaluation of the collaboration for the gas storage facility at Margineni. We want to involve, besides the already selected consultant (e.n. Petrostar), the specialists of Gazprom. The collaboration is a winning project, it might be a 30-year collaboration," Videanu added.

Videanu said that Romgaz and Gazprom might build gas storage facilities of 5-6 billion cubic meters, almost double compared with Romania’s current storage capacity.

He added that the agreement might be extended in September.

"The expansion of the collaboration with Gazprom refers to the electric power sector. Russians are invited to attend all Romania’s energy projects. The idea is to bring the Russian gas as close as possible to EU in summer, when it is cheap, and its turning to account together in winter. Gas importers will operate freely, and Romgaz can directly import gas from Gazprom," Videanu stated.

The minister added that that Russia might participate in the construction of the second nuclear plant, of cogeneration thermal plants or in the privatization of certain hydropower plants.

Russia also asked Romania to jointly build an electric station in the southeastern Romanian town of Tulcea, Isaccea village, so that Russia would be able to export energy to Greece and other states.

Videanu added that they did not have talks regarding the Black Sea exploring, as the National Mineral Resources Agency is in charge with this issue.

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