Page 12 - EurOil Week 34 2021

EurOil PIPELINES & TRANSPORT EurOil

EBRD becomes shareholder in

Vestmoldtransgaz

MOLDOVA THE European Bank for Reconstruction and the Ungheni-Chisinau gas transmission pipeline.
Development (EBRD) took a 25% stake in gas Vestmoldtransgaz was set up in 2014 to
The pipeline can pump transmission company Vestmoldtransgaz on manage the gas pipeline network in the west of
Romanian gas to August 25, said Vestmoldtransgaz owner Trans- Moldova, where it provides gas transmission ser-
Moldova’s capital. gaz in a press release published by the Bucharest vices. In 2018, it was taken over by Eurotransgaz
Stock Exchange (BVB). SRL, a subsidiary of Romania’s Transgaz.
Vestmoldtransgaz owns and operates the “The Ungheni-Chisinau gas transmission
Ungheni-Chisinau gas transmission pipeline, pipeline, connecting the Moldovan gas net-
built to deliver gas from Romania’s border with work to the European Union via Romania, is an
Moldova to the Moldovan capital Chisinau, important step towards geographical diversifica-
thereby reducing Moldova’s dependence on Rus- tion of Moldova’s energy supplies,” commented
sian gas imports. EBRD vice-president Alain Pilloux.
The EBRD became a shareholder after fulfill- “Having invested in a 25% stake in Vest-
ing the conditions of subscription agreement, moldtransgaz, the EBRD is playing a key role in
under which the development bank undertook strengthening the country’s energy security and
to increase the share capital of Vestmoldtransgaz contributing to sustainable economic growth
by €20mn to finance the development costs of that benefits everyone.” ™

North Macedonia’s Makpetrol sells stake

in gas operator GA-MA for €33mn

NORTH NORTH Macedonia’s fuel retailer Makpetrol The decision for the sale of GA-MA stake was
MACEDONIA has sold its stake in gas-operator GA-MA to the approved by the Makpetrol’s Supervisory Board
state for MKD2.01bn (€32.8mn), thus solving in October 2019.
The sale follows a 20- the long-standing ownership dispute with the GA-MA operates as TSO between the
year dispute. government, Makpetrol said on August 25. North-Macedonia/Bulgaria border and Skopje.
The dispute over the ownership of GA-MA The dispute had paralysed the gas sector
lasted for over 20 years, and was settled by medi- development in North Macedonia for the past 22
ation procedure submitted to the Energy Com- years. The resolution of the dispute is also impor-
munity. This resulted in the decision to sell the tant in the context of the gas TSO unbundling,
one share owned by Makpetrol at market price. an obligation of North Macedonia under Energy
“The sold stake is equal to 24% of the value of Community law.
the company’s assets determined on the basis of During a mediation session conducted in
the latest financial reports published on June 30,” Vienna in November 2019, the parties agreed to
Makpetrol said in a bourse filing. a 50% - 50% ownership in GA-MA. The govern-
The purchaser is the government of North ment in Skopje further agreed to purchase Mak-
Macedonia. The stake was sold via a block petrol’s share in GA-MA. Both parties agreed
transaction on the Macedonian Stock Exchange to discontinue all open litigation procedures in
((MSE). front of national courts. ™

P12 www. NEWSBASE .com Week 34 25•August•2021