Russian gas giant OAO Gazprom (GAZP.RS) and Romanian state company Romgaz are planning a joint venture to expand gas storage and generate electricity, Romania's Economy Minister Adriean Videanu said Tuesday.
"During talks with Russian officials on my recent visit to Moscow, we decided to create a joint venture between Romgaz and Gazprom to build gas storage facilities and produce electricity," Videanu told a Europe-Russia economic forum in Bucharest.
He added that the two groups would each hold 50% of the new venture and share equally all investments and profits in the new company.
Romania and Russia were also planning to set up joint commissions to identify further areas where they might cooperate in the energy sector, Videanu said.
About a third of the gas Romania consumes - or about 6 billion cubic meters a year - is imported from Russia.