Romgaz, the most valuable state-owned company in Romania, with over one billion euros in turnover and which covers half of the national gas consumption has an investment budget worth 850 million RON (213 million euros) for this year, with part of the funds to go towards discovery of new deposits, as well as to upgrades of the underground storage facilities.
This year’s amounts are lower compared with last year’s when the company had a one billion RON investment budget.
Despite the decline in the consumption of gas and electrical power as a result of the reduction of the operations of some resource-intensive companies, Romgaz officials continue to expect the amounts delivered this year to increase by 6.5%, from 6 billion cubic metres to some 6.4 billion cubic metres.
"The amount of natural gas expected to be sold in 2009 is in line with the delivery schedules set in the contracts concluded by Romgaz with its clients," the company officials said.
Although the estimates were optimistic, the company posted 654 million RON (152 million euros) turnover in the first two months of the year, down from the corresponding period of last year, as a result of the decline in demand for natural gas.
"We don’t have exact information about the results of the first quarter because we have not closed 2008 yet, a delay caused by the reassessment of the fixed assets for 2008," Romgaz officials say.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
