By Jerom Bolt
The National Natural Gas Company „ROMGAZ” S.A. Medias and LIBERTY GALATI S.A. agreed today, 10 June 2020, to conclude a Memorandum of Understanding with a view to setting up a joint venture, with a view to developing greenfield investment projects and developing an energy production unit; gas-fired power plants (“CCGT”) and renewable energy production units, using both wind and photovoltaic technologies, Romgaz said in a press release.
Through this Memorandum of Understanding, the two companies agree to work together to implement investment projects that can be financed both from equity and from external sources through the “joint venture” company that will seek to attract European funds. through the “Green Deal” financing mechanism and / or through the financing schemes available in Romania.
The implementation period of these investment projects will be between 3.5 and 4 years, during which both companies will cooperate and make joint efforts for the investment projects to become a reality and a model of good practice in the Romanian economy.
Adrian Volintiru, general manager of ROMGAZ, stated: “This partnership is an example for Romania. We thus continue ROMGAZ’s priorities in the long-term development strategy through which we want to diversify the natural gas capitalization chains at a higher level. The investment is an important one at national level and represents a first step of Romania’s positioning on the map of Europe in green steel production. Such investments lead to horizontal developments of many economic sectors and implicitly a motivation for ROMGAZ to amplify exploration-production programs. ”
Sanjeev Gupta, Executive Chairman of the GFG Alliance, said: “Based on the agreement we signed today with Romgaz, we will be able to deliver the long-term competitive energy needed to support this fascinating project to produce steel with a fingerprint in Galati. low carbon. I have no doubt that this project will be a great success and will put Galati on the map, not only in Europe, but globally, as a low-carbon, sustainable steel manufacturing unit for a new era, built for future generations. “
By Jerom Bolt