International Media Watch of news headlines and current affairs reports about Romania
Wednesday, May 27, 2009
Romania plans to set up j/v with Russia's Gazprom
BUCHAREST, May 26 (Reuters) - Romania plans to set up a joint venture company pooling together its state gas producer Romgaz and Russian gas giant Gazprom, Economy Minister Adriean Videanu said on Tuesday.
"A concrete aspect of cooperation will be setting up a joint venture Romgaz-Gazprom to build underground gas storage and, why not? develop the prospect of electricity production in this part of Europe," Videanu told an economic forum.
He would not elaborate on the timing to create the new firm. Romania, which is less reliant on Russian gas than other ex-communist European states, produces around 65 percent of its annual domestic consumption from local fields and imports about one-third from Russia. However, experts have said its underground storage facilities are insufficient to make up for a prolonged disruption in gas flows and need to be expanded.