Romanian gas transmission company Transgaz estimates that will make investments of at least EUR 541 million (RON 2.4 billion) by 2017, according to the company. The money is to be invested in network upgrade and new pipelines.

“This amount can significantly increase following the clarification of the on-shore and off-shore exploitation projects in the country,” reads Transgaz’s administration plan for 2013-2017.

Also, the company considers attracting funds by issuing bonds, or taking loans from the European Bank for Reconstruction and Development (EBRD) or the World Bank, according to the company’s plan.

Transgaz recorded a profit of some EUR 29 million (RON 130.1 million) in the first half of 2013, down 44 percent compared to the same period last year. However, the company’s turnover went up almost 3 percent in the first six months of the year over the first half of 2012, to EUR 168 million (RON 739 million).

The Romanian state holds 58.5 percent in Transgaz’s share package, through the Ministry of Finance, while Fondul Proprietatea has 14.9 percent. Earlier this year, the Romanian state sold the 15 percent share package in Transgaz, for EUR 72 million, during a secondary public offering.

Irina Popescu, irina.popescu@romania-insider.com