(ANSA) - BOLOGNA, FEB 8 - Gas Plus arrives in Romania: the Parma-based group has approved the E & P 'Midia Gas Development' project in the Black Sea and has signed an agreement with the operator Black Sea Oil & Gas (BSOG) to give them a 5% stake in the project, maintaining a 10% stake. The sale to BSOG - Gazzetta di Parma reported - is subject to the right of first refusal of the other partner of the joint venture, Petro Ventures Resources, and to the approval of the Romanian National Agency for Mineral Resources. The price agreed for the 5% stake is 5.3m euros, 3.3m to be paid when the sale will be completed and 2m to be paid three months after the beginning of the deposit's production phase. Through the approval of the development project by the Romanian authorities, along with the FID, Gas Plus will be able to increase its 2P reserve portfolio of 754m cubic meters of gas, with reference to the 10% stake. ''We are very satisfied because with the FID's approval of our the first E & Pinternational project will get to the construction phase - underlined Davide Usberti, CEO at Gas Plus - and among other things, the Midia Gas Development project will be the first Romanian gas-powered project to enter in the development phase in the last thirty years and at full speed, according to estimates, it will have a production of 1bn smc/year, approximately equal to the annual figure of Romania's overall gas import''. (ANSA).