|
EBRD supports Gaz de France in Romania
€31 mln stake supports liberalisation and privatisation of country’s gas sector
Gaz de France, the EBRD and International Finance Corporation (IFC) are
teaming up to help improve gas distribution services for around 1 million
households and businesses in southern Romania. The deal supports the first
private participation in Romania’s gas distribution sector, and will help
liberalise one of the largest gas markets in central and eastern Europe.
Gaz de France International, a subsidiary of French gas giant Gaz de France,
recently acquired a 51 per cent stake in the Romanian gas distribution company
Distrigaz Sud. The EBRD and IFC are each acquiring a 5.1 per cent beneficial
stake in the company to support its activities and to help improve, among
other things, the gas distribution networks in the country.
Anthony Marsh, EBRD Director for Power and Energy, said it is the first time
Gaz de France has entered the Romanian market, and in that vein it was looking
for partners, such as the EBRD and IFC, with deep expertise in the country’s
business and regulatory environment. Moreover, Mr Marsh added, the transaction
should act as a demonstration for future privatisations in Romania. It also
supports gas sector liberalisation in Romania in line with the EU directive on
gas, and with the South East Europe Regional Energy Market.
Distrigaz Sud was created in 1998 as a subsidiary of the then state-owned
vertically integrated utility Romgaz Medias SA when it was unbundled. Romania
has one of the largest gas markets in central and eastern Europe by
consumption volume and was the first to use gas for industrial purposes.
Gaz de France International will aim to replace around 45 per cent of
Romania’s network within the next eight years, increasing capacity, safety,
quality of supply, and efficiency. The company also plans to replace all
meters over 20 years old.
Jean Francois Carriere, Gaz de France VP, Central Europe, said: “Gaz de France
welcomes the support of the EBRD in the acquisition of Distrigaz Sud, and is
pleased to have a partner that shares our commitment to sustainable
development.” He added: “We expect this investment will benefit the company
through improved performance, the transfer of state-of-the-art technology,
skills, training from Gaz de France to Distrigaz Sud, and for the economy by
using local equipment suppliers and construction companies.”
|
