EBRD buys 25% stake in Vestmoldtransgaz

IPN.md

26 August 2021
12:12

The European Bank for Reconstruction and Development (EBRD) has become a shareholder with a 25% interest in Vestmoldtransgaz, the Moldovan subsidiary of the Romanian gas transmission company Transgaz, SeeNews reported.

The EBRD became a Vestmoldtransgaz shareholder after fulfilling the condition of a subscription agreement to increase the share capital of the subsidiary by 20 million euro ($23.5 million) in order to finance the development costs of the gas transmission pipeline Ungheni-Chisinau.

Afaceri.news recalls that last year Transgaz and the EBRD signed a Memorandum of Understanding under which, depending on Transgaz’s financing needs, the EBRD will consider co-funding the project by providing lending or equity participation instruments.

The latest deal takes the partnership a step further, creating conditions for important projects in the future. Regarding the current business, EBRD Vice President Alain Pilloux stated that this “is an important step towards the geographical diversification of Moldova’s energy supply. After investing in a 25% stake in Vestmoldtransgaz, the EBRD is playing a key role in strengthening the country’s energy security and contributing to sustainable economic growth that benefits everyone.”

Founded in 2014, Vestmoldtransgaz owns and manages the gas pipeline network in western Moldova and provides gas transportation services in the country. Transgaz took over Vestmoldtransgaz in 2018 through its Moldovan subsidiary Eurotransgaz, for 180.2 million Moldovan lei ($10.2 million / 8.7 million euros). The 120 km long pipeline between Ungheni and Chisinau interconnects the gas transmission systems of Romania and Moldova.

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by Iana Josu 30.07.2026

Romania will continue to support the Republic of Moldova in the European integration process, including through the experience gained as an EU member state and through political-diplomatic support. The statement was made by the interim Prime Minister of Romania, Ilie Bolojan, during a joint press conference with the Prime Minister of the Republic of Moldova, Vasile Tofan, who is in Bucharest, reports IPN.

Ilie Bolojan stated that the most important joint strategic project of the two countries is the advancement of the European path of the Republic of Moldova. “We hope that by the end of this year, at the level of the European Union, the necessary political decisions will be made to open negotiations on the other four clusters,” said the interim Prime Minister of Romania.

The Romanian official also mentioned the progress of joint projects in the field of infrastructure and energy. Among these are the 400 kV electric lines Suceava-Balti and Gutinas-Strasni, as well as the bridge at Ungheni, which will connect the Republic of Moldova to the European transport network through Romania. The work on the bridge is expected to be completed by the end of the year. At the same time, the two states are advancing in the project to reopen the Fălciu-Cantemir railway connection, interrupted for 17 years.

In turn, Prime Minister Vasile Tofan highlighted the importance of bilateral economic relations. According to him, Romania is the main export market for Moldovan products, accounting for almost 30% of exports, and trade exchanges between the two countries have exceeded three billion euros. The official also said that the economic relationship needs to surpass the level of trade and be supported by more Romanian investments in the Republic of Moldova.

Referring to European integration, the Prime Minister stated that the objective of the authorities is to sign the accession treaty by the end of 2028 and prepare the Republic of Moldova for EU member state status by 2030. “It’s an ambitious target, but it’s important to work with clear deadlines and I’m confident we can succeed,” said Vasile Tofan.

The visit to Bucharest is Vasile Tofan’s first foreign trip since his inauguration as Prime Minister.

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EBRD buys 25% stake in Vestmoldtransgaz

IPN.md

26 August 2021
12:12

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Three firefighters have died in Greece during interventions at vegetation fires

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Three firefighters have died in Greece while battling wildfires in Crete and the Peloponnese. Two of them died in the Rethymno region, in the west of the island of Crete, and the third near the port city of Gytheio, in the south of the Peloponnese, reports the BBC, quoted by IPN.

In Crete, fires were fueled by strong gusts of wind, leading to the evacuation of several localities, including the village of Krya Vrysi. The most extensive fire front reached approximately 15 kilometers. Outbreaks also erupted on the islands of Paros and Lesbos, as well as in the Trifylia area of mainland Greece. Over 150 firefighters are intervening to limit the fires, but weather conditions complicate operations.

Wildfires are also affecting the southern part of Turkey, in the province of Muğla, where the road between Fethiye and Antalya has been temporarily closed, and a hospital has been preventively evacuated.

In Spain, a fire near Valencia remains uncontrolled, as firefighters strive to prevent the rekindling of other recently contained outbreaks. The situation occurs against the backdrop of the fourth heatwave of the summer, which keeps the risk of vegetation fires high.

At the same time, in France, the fires in Gironde have been extinguished, but 16 departments remain under an orange heatwave alert. Authorities warn that high temperatures could favor the reignition of fires.

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