National gas transmission company Transgaz Mediaş (TNG), saw itsnet profit decline by 2.4% between July and September of this year,to 18.8 million RON (4.4 million euros), after it had increased by56% in the first half of the year.
Transgaz revenues were slightly up in the third quarter, by 2.6%,to 225.2 million RON (52.9 million euros) amid a rise in tariffs,which compensated for the around 6% decline in the consumptiontransmitted of gas. The decline could deepen in the last quarter,after the Economy Ministry decided not to extend the incentivegranted to chemical plants to use gas only from domesticproduction, which caused these plants to threaten to suspendproduction.
"Results were in line with our expectations of a significantslowdown in the growth rate in the third quarter against the firstsix months of the year because of the lower volumes transmitted.National gas consumption was cut year-on-year, by 11% in July andby 10% in August. The decline largely came from chemical plants,which account for around one third of national consumption, andwhich consumed 36% and 23% less gas in July and August respectivelythan in the corresponding period of last year," says RoxanaUngureanu, BCR Erste analyst.
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