The last valuable asset still in the state's portfolio, natural gas producer Romgaz Medias made a net income of 39.8 million euros (139.3 million RON) in the first three months of the year, an increase of 38% on the same time in 2005, according to the data provided by the company.
The turnover of Romgaz, one of the largest gas producers in the Central and Eastern Europe, went up by 51% in the above-mentioned period to 249.4 million euros (873.2 million RON).
"The main factors of the turnover trend are the increase in the domestic and imported gas delivery prices, as well as the increase in the gas storage capacities," the company officials stated.
Romgaz posted turnover worth more than 611 million euros (2.2 billion) and this year's budget provides for a growth of the business towards 880 million euros.
The gas producer last year posted net profit of 77 million euros (277.2 million RON).
The company produced 6.3 billion cubic metres of gas, which covers approximately 36-37% of domestic consumption.
The rest of the consumption needs are provided for by Petrom, the other major domestic producer, as well by imports from Gazprom (Russia), carried out through a number of traders.
Romgaz Medias is entirely held by the state, which last year started procedures to find a powerful investor in order to develop this company.
The list of those to have expressed interest as early as last year in view of taking over one of the biggest natural gas produces in the Central and Eastern Europe are Lukoil (Russia), MOL (Hungary), Wintershall, E.ON (both of which from Germany) and Gaz de France (France).
The authorities announced they were planning to float at least 5% in this company on the Bucharest Stock Exchange. This, however, will not be possible to do any sooner than two years, Codrut Seres, Economy and Trade Minister said.
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