The joint venture will be equally owned by the two companies, which will share the investments and profits accordingly.

Videanu told NewsIn last week that Romgaz could collaborate with Gazprom for the 600 MW electrical power plant in Iernut, central county of Mures.

The minister added Romania wanted to construct or upgrade gas plants totaling 3,000 – 4,000 MW.

As for joining the South Stream project initiated by Gazprom in a bid to skirt Ukraine, the economy minister mentioned Romania was not invited to take part of it.

World’s largest gas producer solicited Romania for technical support in carrying works for South Stream pipeline, support which the Economy Ministry is willing to grant, according to a release from the ministry.

Videanu told NewsIn that the deal inked in Moscow with Gazprom representatives included neither Romania’s participation in the South Stream pipeline, nor the renouncing of the main objective, Nabucco pipeline.