Moldova's energy regulator, ANRE, fined Moldovatransgaz, a subsidiary of Moldovagaz in which Russia's Gazprom (MCX:GAZP) owns a 50% stake, $1.9 million for failing to comply with the requirement on the separation of gas transporting activities from those of a supplier. The announcement was made today, Friday.
Moldovatransgaz was unable to ensure its independence from Moldovagaz, a vertically integrated public natural gas supplier. Gazprom owns 50% of Moldovagaz, with the Moldovan government holding a 35.33% stake and the remainder owned by the government of Transnistria, a pro-Russian separatist republic in eastern Moldova.
This fine follows an international audit that revealed earlier this month that Moldovagaz owed Gazprom $8.6 million, contradicting a $709 million historical debt claim made by the Russian company.
In response to Moldovatransgaz's failure to comply with unbundling requirements, Romania's gas transmission company Transgaz [BSE:TGN] announced on Monday that it had signed a tenancy agreement to take over the operation, exploitation, dispatching, and transmission of gas in neighboring Moldova from Moldovatransgaz. This agreement will be effective starting September 19, 2023.
The Romanian state holds a majority stake of 58.5% in Transgaz, with the remainder freely floating on the Bucharest Stock Exchange. As of today, Transgaz shares traded 0.33% higher at 18 Romanian lei ($3.9/3.6 euro) on the Bucharest Stock Exchange.
Gas supplies have been a longstanding source of tension between Moldova and Russia since Moldova declared independence from the Soviet Union in 1991. This latest development underscores the ongoing complexities of energy supply and regulation in the region.
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