Transgaz plans total investments of 1.72 billion lei (EUR390 billion) over the next four years, according to the company’s 2013-2017 Management Plan. Roughly RON733 million will be invested in upgrading its transmission system and building new pipelines.
The company said non-reimbursable European funding would not be necessary to cover its financing needs, mentioning that it is looking for alternative sources, including a series of bond issues or loans from the European Bank for Reconstruction and Development and from the World Bank.
“Considering the limited number of projects expected to continue into 2014, the company must mobilize aggressively to achieve even its minimum investment plan,” the document noted.
Transgaz said it has to refund the money received for two of its three projects financed via EU programs due to some irregularities.
Transgaz is 58.51%-owned by the Economy Ministry. Romanian investment fund Fondul Proprietatea has almost 15% of its shares and the rest is distributed among minority shareholders. (EUR1=RON4.4288)