Romgaz-Gazprom joint venture to be set up

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The Romanian Romgaz and the Russian Gazprom will set up a joint venture to build several natural gas storage facilities and thermal power plants in Romania, Economy Minister Adriean Videanu said Tuesday at the EU-Russia Economic Forum in Bucharest.
The two companies will own the joint venture in equal shares of 50 percent each, Videanu said.
‘Following talks with the Russian officials during my visit to that country, we have decided the setup of a Romgaz-Gazprom joint venture to build gas storage facilities and produce electricity in this part of Europe,’ Videanu explained.
He underscored that a joint committee aimed to analyze the development of the two countries’ collaboration projects in the energy field will also be established.
In addition, Romania plans to develop a strategic energy partnership with Russia.
‘Romania plans to ensure the EU’s energy stability and security by developing energy sources and routes. Romania has been undergoing an extensive reorganization process of the energy sector, which proves its potential. As EU member state Romania is an element of energy stability, proved during the gas crisis, when the country made available energy resources to its neighbors, Minister Videanu stated.
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