Transgaz, the transmission system operator (TSO) in Romania, and Austrian Central European Gas Hub AG (CEGH), the Operator of the Virtual Trading Point in Baumgarten, Austria, have signed a Cooperation Agreement with a view to setting up the Romanian company ”Romanian Gas Hub,” a joint venture that will have the objective of operating the Virtual Trading Point in Romania (PVT).

The Cooperation Agreement was signed by Transgaz Romania’ GM Ion Sterian and by Gottfried Steiner, CEO of Central European Gas Hub AG.

After the agreement is signed, the steps for setting up the “Romanian Gas Hub”, a company that will provide gas hub services for Romania (including trading services and related services) will start and will aim to operate the Romanian Virtual Trading Point (PVT). Transgaz will own 51% of the shares and CEGH 49%.

“Through this gas hub, Transgaz affirms its role as leader in ensuring energy security in Romania and in the region. The Romanian gas hub is a very important achievement, which creates the premises for the economic and financial development of Romania,” said Ion Sterian.