Transgaz (BVB: TGN), the natural gas transport system operator (TSO) in Romania, got shareholders' approval for hiring a legal consultancy firm in order to 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 EUR 626 mln for developing natural gas and hydrogen mixed transport infrastructure projects.

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

As regards 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%, Profit.ro reported. The state controls Transgaz through the General Secretariat of the Government.

The newly established company would thus 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 pre-determined return" for its associates.

andrei@romania-insider.com

(Photo source: Inquam Photos/George Calin)