Biggest independent gas producer Amromco files for insolvency
Amromco Energy, for a long time the third-largest natural gas producer in Romania in terms of output after Romgaz and OMV Petrom, has officially filed for insolvency after it failed to amend or even suspend contracts signed in advance with…
Andrei Chirileasa · Journalist
· Updated · 1 min read
Amromco Energy, for a long time the third-largest natural gas producer in Romania in terms of output after Romgaz and OMV Petrom, has officially filed for insolvency after it failed to amend or even suspend contracts signed in advance with its customers, Profit.ro reported.
The disputes concern gas delivery contracts concluded by Amromco, as a seller, with Engie, the largest gas supplier in Romania, MET Romania Energy, OMV Petrom, Distrigaz Vest, Energy Distribution Services and Restart Energy.
The company claims that its production collapsed, while the skyrocketing prices make it prohibitive to meet its obligations from the spot market.
Amromco Energy is controlled by the Swiss commodity and energy trader Mercuria. Amromco held in July 2021 a market share of 1.38% of domestic gas production, according to the latest data from ANRE. During 2020, it reached in some months a market share of 4%.
The company ended last year with RON 113 mln (EUR 23 mln) total revenues, RON 10.6 mln net profit and an average number of about 170 employees.
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