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Sep 05, 2023 14:24 EEST
September 5 (SeeNews) - Romania's gas transmission company Transgaz [BSE:TGN] said on Tuesday that it signed a tenancy agreement whereby it takes over the activity of operating, exploiting, dispatching and transmitting gas in neighbouring Moldova from the local operator Moldovatransgaz, starting 19 September 2023.
Majority state-owned Transgaz signed the agreement through its Moldovan subsidiary Vestmoldtransgaz, which operates the Ungheni-Chisinau gas pipeline and which is certified on the ownership unbundling model, the company said in a press release.
Vestmoldtransgaz' action follows Moldovatransgaz' failure to comply with the unbundling requirements, which led to the modification of the legislative framework in Moldova in order to ensure the country's energy security and alignment with the European regulatory framework, Transgaz said.
"Ensuring the separation and independence of natural gas transmission system operators from vertically integrated companies that produce, distribute, store, trade or supply natural gas is one of the basic objectives for the creation of a liberalized natural gas market in the Republic of Moldova," said Ion Sterian, director general at Transgaz. "With this initiative, Transgaz continues its strategic presence in the Republic of Moldova, contributing to ensuring the strategic interests of the region."
Thus, for the next 5 years, in accordance with Moldova's legal provisions, Vestmoldtransgaz will become the sole licensed operator for the provision of the public gas transmission service on Moldova's territory, Transgaz said.
Last month, Transgaz said that its consolidated net profit for the first six months of 2023 fell by an annual 60% to 70.8 million lei ($15.4 million/14.3 million euro).
The Romanian state owns a stake of 58.5% in Transgaz, while the remainder is in free float on the Bucharest Stock Exchange.
Transgaz shares traded 1.9% lower at 16.56 lei as at 1215 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.95006 lei)
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