Romania’s Transgaz to invest EUR 100m this year in the upgrade of the gas infrastructure

Transgaz wants to connect its gas transport infrastructure to those of the nearby countries. The move is meant to ensure access to alternative energy resources. The company also wants to reduce pollution and ensure the protection of the environment.

Transgaz saw its net profit shrinking by 5.7 percent year-on-year in 2007 as expenditures grew at a faster pace than revenues. Transgaz reported a net profit of 224.34 million lei (67.2 million euros) for 2007. The year before, the gas operator witnessed a 286.3 million lei net profit.

The company’s expenditures last year rose to 794.46 million lei. Revenues stood at 1.06 billion lei. Transgaz is a state-owned company established in 2000. It is one of the companies which will construct the Nabucco gas pipeline.

This will transport gas from the Middle East and Asia to Europe. The other companies involved are Botas (Turkey), Bulgargaz (Bulgaria), MOL (Hungary) and OMV (Austria).

Source: NewsIn