Congaz Constanta, the private local natural gas distributor, which is 28.6% held by German giant Ruhrgas, estimates to see turnover surge to 210bn ROL ($6.3m) this year. In ROL, this accounts for a 44% growth as compared to last year. The real growth revolves around 30%, considering the inflation rate forecast for this year (14-15%).
The company's gross profit is expected to grow slightly, to 35bn ROL (more than $1m), up from last year's 30.8bn. "We plan to reinvest profit for another 2-3 years, to build up reserves needed to fund our distribution network expansion. However, the decision (whether profit is reinvested or dividends are distributed to shareholders, i.e.) will be made during the General Meeting of Shareholders," Augustin Oprea, the company's general manager told Ziarul Financiar.
Ruhrgas, SNP (National Oil Company) Petrom and Distrigaz Sud each hold 28.6% in Congaz, with the rest of stock owned by Petroconst Constanta (13.9%) and the local Councils in Medgidia, Ovidiu, Kogalniceanu and Cogealac. The company has 379.8bn ROL in capital.
Congaz is among the few private local natural gas companies operating on the market. Private companies such as VitalGaz (which supplies gas in Bucharest and Brasov) or GazVest Arad (which covers the country's western area - Timis, Arad, Bihor) secure 5-10 percent of the total gas distribution in Romania, where the monopoly belongs to the two state-owned companies - Distrigaz Nord and Distrigaz Sud.
Congaz provides distribution services both to customers from the free market (eligible consumers) and for those captive in the distribution network (both industrial units and households). Congaz works with big companies such as CET Palas Constanta and the Petromidia complex, owned by private oil group Rompetrol, for which it secures distribution, not supply of natural gas.
Congaz has invested about 550 billion ROL so far. "We earmarked 140bn ROL ($4.2m) for investments this year, mainly in the distribution network and installations, but also in administrative buildings," Oprea said.
adrian.mirsanu@zf.ro
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