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Romania's Transgaz says gas link to Moldova's Chisinau to be completed on schedule

Romania's Transgaz says gas link to Moldova's Chisinau to be completed on schedule

BUCHAREST (Romania), January 16 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said works are on schedule for the completion of the pipeline that would link Iasi to the capital of neigbouring Moldova - Chisinau, via Ungheni.

Works on all lots of the Ungheni – Chisinau gas pipeline are progressing according to plan, with completion scheduled for the first half of this year, Transgaz said in a press release on Wednesday, dismissing speculation about possible delays carried by Moldovan media.

The project is being implemented by Romania's economy ministry and Transgaz, which took over its Moldovan peer Vestmoldtransgaz in September 2018 for 8.8 million euro ($9.8 million) through its Moldovan subsidiary Eurotransgaz.

Vestmoldtransgaz operates the existing gas transmission link between Moldova's Ungheni and Romania's Iasi. In 2018, Eurotransgaz committed to launch the construction of the Ungheni-Chisinau pipeline within up to two years.

The Ungheni - Chisinau project involves the construction of a gas pipeline 120 kilometres in length, three gas delivery stations as well as the procurement of equipment. The Iasi-Ungheni section of the pipeline, put into operation in 2014, can transport about 1.5 billion cubic meters of natural gas per year.

Transgaz shares traded 0.30% lower at 329 lei ($77/69 euro) on the Bucharest Stock Exchange as at 1120 CET on Thursday.

(1 euro = 4.7798 lei)

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