===============================================================================
CONTACT:    
Donna Thiessen
(703) 875-4357

September 25, 2003

USTDA GRANT SUPPORTS THE DEVELOPMENT OF AN UNDERGROUND GAS STORAGE FACILITY IN ROMANIA

BUCHAREST, ROMANIA - Earlier today, the U.S. Trade and Development Agency (USTDA) awarded a $248,000 grant to Romgaz S.A. to fund a feasibility study on the development of an underground gas storage facility in Romania. The grant illustrates the USTDA commitment to assist Romania in modernizing and redeveloping Romgaz's underground storage facilities. This upgrade will make Romgaz's standards consistent with European Union requirements in this area.

The agreement was signed by Mr. Jonathan Marks, Senior Commercial Officer at the U.S. Embassy in Bucharest, on behalf of the U.S. Government. Mr. Avram Pantelimon, Director of Romgaz S.A., signed on behalf of the Grantee.

The USTDA-funded study will review and analyze depleted oil wells and make recommendations on how best to expand storage capacity. The study will seek to minimize the consequences of disruptions in gas deliveries from abroad, improve the efficiency of natural gas transportation, and optimize the economic value of natural gas purchased during periods of low demand.

The U.S. Trade and Development Agency advances economic development and U.S. commercial interests in developing and middle-income countries. The agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment. USTDA's strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that may benefit from U.S. exports of goods and services.