VMTG (EBRD-50410)

Countries
  • Moldova
Geographic location where the impacts of the investment may be experienced.
Specific Location
Ungheni and Chisinau
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 14, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SNTGN Transgaz SA Romania
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 22.27 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 20
Converted using 2019-12-11 exchange rate.
Project Cost (USD)
$ 100.20 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 90
Converted using 2019-12-11 exchange rate.
Bank Documents
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 28, 2020

Disclosed by Bank Oct 14, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank's website, this project finances an equity investment in the form of a capital increase in return for a stake in Vestmoldtransgaz srl, the Moldovan gas transmission company that is ultimately owned and controlled by the Romanian Transport System Operator SNTGN Transgaz SA. 

This project will finance the construction of the natural gas pipeline between Ungheni and Chisinau in Moldova. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Transgaz was established in May 2000 as a joint stock company. It is the sole Transmission System Operator of the National Gas Transmission System in Romania. Transgaz is 58.5 per cent owned by the Romanian state with the rest of shares on free float on the Bucharest Stock Exchange.

Founded in 2015 and privatised in 2018 Vestmoldtransgaz owns and manages gas pipeline network and provide natural gas transport services in Moldova. It operates as a subsidiary of Eurotransgaz srl, which is fully owned by Transgaz.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - SNTGN Transgaz SA Parent Company -
- - - - Vestmoldtransgaz srl Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Company Contact

Cornel Mihai (inquiries from the general public), Cora Stavarescu (inquiries from public institutions)
Ccornel.mihai@transgaz.ro; cora.stavarescu@transgaz.ro
+40269803333
http://www.transgaz.ro/ro
1 Piata C. I. Motas, City of Medias, Sibiu County, 551130, Romania

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.

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How it works