28
Sat, May
48 New Articles

Allen & Overy and Tuca, Zbarcea & Asociatii Advise on Financing of BRUA gas corridor

Allen & Overy and Tuca, Zbarcea & Asociatii Advise on Financing of BRUA gas corridor

Romania
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

RTPR Allen & Overy has advised EBRD on a EUR 60 million loan to Transgaz, the technical operator of the national natural gas transmission, for its construction of Romania’s section of a regional gas pipeline between Romania, Bulgaria, Hungary, and Austria. Transgaz was assisted by Tuca, Zbarcea & Asociatii.

According to an EBRD press release, the so-called BRUA gas corridor, which will stretch a total of 1,318 kilometers, will offer better interconnection between the countries along its route by enabling new links with major gas infrastructure projects such as the Southern Gas Corridor through TAP and TANAP, other central European gas hubs, and future offshore production sites in the Black Sea.

"Promoting the diversification of the routes and sources of supply," the EBRD asserts, "the pipeline will support the development of local economies and competition on regional energy markets to the benefit of consumers. The project will also ensure a greater integration of European gas markets and increase the security of supply."

The total project cost is EUR 479 million, and in addition to the EBRD financing, Transgaz is investing EUR 149 million, the European Union is providing EUR 179 million in grants, and the European Investment Bank is contributing a EUR 50 million loan. The balance will be covered by other lenders.

The first phase of the project includes the construction of a 478 kilometers pipeline between the technology node Podisor near Bucharest and the one in Recaș some 30 kilometers away from Timisoara in the west of Romania, as well as auxiliaries, state-of-the-art hardware, and software supervisory systems and communication technologies and three gas compressor stations to be placed along the route, the EBRD reports.

RTPR Allen & Overy’s team included Partner Victor Padurari, Counsel Andreea Burtoiu, and Associate Andreea-Ramona Chiriac, as well as Partner Dan Cocker and Senior Associate Maciej Dymnicki from Allen & Overy Warsaw.

Tuca, Zbarcea & Asociatii’s team included Partner Mihai Dudoiu and Managing Associate Catalin Georgescu.

 

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

Firm's website.

Our Latest Issue