The European Investment Bank (EIB) said is lending a further EUR 50 million to Transgaz for the first phase of the EU-backed Bulgaria-Hungary-Romania-Austria (BRUA) gas pipeline project. For the first time, the EIB's loan will be disbursed in Romania's currency. The agreement for the first tranche of EUR 50 million from the EIB for the BRUA project was signed in October. The EIB funds will finance the construction of a new European gas transmission corridor to increase security of gas supply and to reduce energy dependence through diversification of gas supply routes and sources. The project also contributes to the expansion of the number of gas suppliers in South-Eastern Europe and opens the regional market to increased competition which will benefit consumers in terms of reduced prices and improved Security of Supply. The new pipeline represents the first phase of the Romanian section of the gas pipeline from Bulgaria to Austria via Romania and Hungary (BRUA). The EIB funds will finance the construction of a 478-km natural gas transmission pipeline between Podisor and Recas and the construction of three compressor stations located in Podisor, Bibesti and Jupa in Romania.