Gas Pipeline Expansion in Eastern Europe 

Delphos served as a subcontractor to Granherne, Inc. on the USTDA funded feasibility study to assess the viability of two pipeline expansion projects put forth by Transgaz S.A. The BRUA Pipeline was named by the European Union a Project of Common Interest and received a grant from the EU of €179 million. BRUA Phase 1 calls for the construction of 475 kilometers of gas transmission pipeline between Podisor and Recas, along with three compressor stations. This pipeline would have an annual capacity of 1.75 bcm. Phase 2 includes the construction of 49.88 kilometers of pipeline from Recas to the Hungarian border at Horia, as well as the expansion of the three compressor stations constructed during Phase 1. Phase 2 would increase the annual capacity of the BRUA pipeline to 4.4 bcm. The pipeline is considered vital to the energy security of the effected countries and Western Europe, as well as assisting Bulgaria, Romania and Hungary in transitioning from coal-fired generation to natural gas-fired generation and can reduce carbon emissions in each country. Delphos provided financial and economic analysis to include construction of a financial model, sensitivity analysis, cost-benefit analysis, market sounding of potential investment sources, financial risk assessment, developed a blueprint for financing the proposed projects.



  • Renewables & Power

Client Name

Granherne, Inc.

Services Provided

  • Transaction Advisory


  • Central & Eastern Europe


  • Bulgaria
  • Hungary
  • Romania