Romania's Transgaz signs deal with CEGH for setting up virtual gas trading hub

Transgaz will hold a 51% stake in the joint venture company Romanian Gas Hub, while CEGH will control the remaining 49%, Transgaz said in a bourse filing.

The company is expected to be established by February 2020.

Romanian companies such as Romgaz [BSE:SNG], OMV Petrom [BSE:SNP], other Romanian gas producers, CEC or Exim Bank as clearing houses, OPCOM, the Romanian Commodity Exchange, Bucharest Stock Exchange, etc. may participate as shareholders, Transgaz noted in its statement.

CEGH is the operator of the Virtual Trading Point in Austria and provides a gas nomination platform for international gas companies. CEGH is majority owned by OMV Gas & Power, which owns a 65% stake, while the Wiener Boerse and Eustream hold stakes of 20% and 15%, respectively.

As at 13:30 CET on Tuesday, Transgaz shares traded at 365 lei ($83.7/76.8 euro), unchanged from their previous closing price on the Bucharest Stock Exchange.

(1 euro = 4.7509 lei)