site.btaEuropean Commission Extends EUR 50 Mln for Gas Pipeline Between Bulgaria and Austria

Brussels, October 27 (BTA) - The European Commission announced on Friday it is extending 50 million euro for the construction of a gas pipeline which will link Bulgaria and Austria.

The money will be allocated through the European Investment Bank to Transgaz of Romania where the main portion of the pipeline will run.

The money will go towards the construction of a 478-km stretch between Podisor and Recas and three compressor stations in Romania.

The pipeline will link Bulgaria and Austria via Romania and Hungary. The whole project is estimated at over 500 million euro. The European Commission has already extended 179 million euro under another facility.

European CommissionVice-PresidentValdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union, said: "This important cross-border project will increase competition, which is good for the consumer. It will also bring thousands of jobs to the region."