May 6 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said it has obtained the right to start the works for construction of a pipeline linking the country's Black Sea shore to the national transmission system and BRUA - the pipeline running from Bulgaria to Romania, Hungary and Austria.
The total estimated value of the project "Black Sea - Podisor Pipeline for taking over Black Sea gas" is 360.4 million euro ($403.4 million) and the estimated completion deadline is 2021, Transgaz said in a statement on Friday.
The energy ministry had issued the comprehensive decision enabling the start of works in late April.
The route of the project runs through the counties of Constanta, Calarasi and Giurgiu.
"Considering the full and consistent completion of the authorization process necessary for the achievement of the project of common interest, of the stakeholders engagement plan and the issue of the Comprehensive Decision, Transgaz, as the promoter of the Project for the construction of the pipeline to take over gas from the Black Sea obtained the right to actually start the works for the construction of the gas transmission pipeline. Thus, the company reinforced its role and position in the European and national energy infrastructure sector," Transgaz director general Ion Sterian said.
The project includes several investment objectives: the 308.4 km long gas transmission pipeline Black Sea Shore – Amzacea, a receipt-launching station located in Amzacea area, a technological node for the interconnection with the T1 transit pipeline, another technological node for the interconnection of the national gas transmission system in the Vlasin area and the interconnection point with the gas compressor from Podisor station located west of Bucharest.
Along the pipeline route 20 block valve stations will be installed as well as 10 cathodic protection stations located in the block valve stations, Transgaz added.
Transgaz's net profit fell 14% on the year to 498.9 million lei ($119 million/105 million euro) in 2018.
The company shares traded 0.98% lower at 353 lei at 1321 CET on Monday on the Bucharest Stock Exchange.
($=0.8934 euro)