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BUCHAREST (Romania), July 19 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said it has completed some 215 km of the 550 km BRUA pipeline to Bulgaria and Hungary.
Transgaz has also completed three compressing stations - in Jupa, Podisor and Bibesti, it said in a press release.
In order to increase the safety of gas supply to consumers, Transgaz has started the construction of pipeline sections on the Vatra Dornei, Brad - Mintia - Brad - Stei and Craiova - Segarcea - Bailesti - Calafat track.
Under the BRUA-Phase 1 project, a total of 560 million euros ($629 million) will be invested in works in 11 counties across the country. The new gas pipeline will have a total length of 550 km and a maximum capacity of 1.5 billion cubic meters per year to Bulgaria and 4.4 billion cubic meters per year to Hungary.
In May, Transgaz 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 and the estimated completion deadline is 2021, Transgaz said at the time.
The company shares traded flat at 361.5 lei at 1127 CET on Friday on the Bucharest Stock Exchange.
On Wednesday, Fitch Ratings assigned Transgaz a long-term issuer default rating (IDR) of 'BBB-' with a stable outlook.