BAKU, Azerbaijan, January 24. Romania’s Ministry of Energy and Transgaz have inked funding contracts totaling 93 million euros for two critical investment projects: the Natural Gas Transmission Pipeline Black Sea – Podișor and Natural Gas Transmission Pipeline Ghercești-Jitaru (inclusive of power supply, cathodic protection, and fiber optics), Trend reports via the company.
The funding, sourced from the Modernization Fund, is allocated as grants, with 85,544,422 euros for the Black Sea – Podișor project and 8,038,348 euros for the Ghercești-Jitaru project.
These initiatives aim to enhance energy security at both European and national levels, fortifying natural gas transmission infrastructure, diversifying energy sources, and supporting economic growth by creating new capacities for power production from natural gas, leading to job creation.
The Modernization Fund, derived from market auctioning of 2% of EU greenhouse gas emission certificates, provides a significant budget of over EUR 15 billion for Romania until 2030.