Romania's Transgaz ready to build pipeline for Black Sea gas

(Reuters) - Romania's gas pipeline operator Transgaz will build a new pipeline worth an estimated 500 million euros ($529.30 M) meant to bring offshore Black Sea gas to the national grid once the two gas producers make a final investment decision, Prime Minister Nicolae Ciuca said on Thursday.

Romanian oil and gas group OMV Petrom, majority controlled by Austria's OMV and state-owned Romgaz are expected to make a final decision to invest in a long-awaited offshore project by mid-2023. The project is estimated to cost 4 B euros and produce at least 6 billion cubic meters of gas per year.

"We are readying the transport infrastructure (for the project)," the prime minister said. "Transgaz has signed the contract, with ... works set to start after a final investment decision is made."

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