Romania, Transgaz obtained shareholders’ approval for hiring a legal consultant

, SEE Energy News

Romanian natural gas transmission system operator Transgaz obtained shareholders’ approval for hiring a legal consultant which will analyze and negotiate the legal, financial and commercial conditions for the association with the Investment Fund of the Three Seas Initiative (FII3M) to attract total funding of up to 626 million euros for developing natural gas and hydrogen mixed transport infrastructure projects.

The estimated value of the legal consultancy contract is 150,000 euros.

Regarding the joint projects, Transgaz envisaged setting up a joint-stock company, in which it will hold 51 % of the capital and FII3M – the remaining 49 %. The newly established company would develop one or more projects related to the transport of hydrogen through pipelines, which after completion would be sold to Transgaz at a price that would allow the joint venture to cover its development costs and generate a predetermined return for its associates.