RO minister: Romgaz has the power to buy Exxon’s stake in Neptun Deep

Romanian state-controlled natural gas company Romgaz (SNN) is solvent enough to acquire the US group ExxonMobil's 50% stake in the Neptun Deep offshore project in the Black Sea, affirmed the minister of economy and energy Virgil Popescu, quoted by Hotnews.ro.

He claims that Romgaz has a financing capacity "maybe even bigger than OMV Petrom," which is the biggest Romanian energy company and holds the remaining 50% in the Neptun Deep project.

In the minister's view, Romgaz can get involved in several other investments while not giving up those already announced.

Recently, Romgaz announced that it would partner with local company GSP Power to develop a new gas-fired power plant with an installed capacity of 150 MW and a photovoltaic park of 50 MW on the land of a dismantled plant in Halanga, Mehedinti county.

Romgaz also wants to build a new power plant at Mintia, and partner with steel producer Liberty Galati for a similar project. It also plans to invest in a new methanol plant.

Moreover, Niculae Havrilet, a secretary of state in the Ministry of Economy, recently announced that Romgaz and OMV Petrom want to set up the first hydrogen production farm from wind sources in the Dobrogea area.

In 2019, Romgaz had a turnover of over RON 5 bln (EUR 1 bln) and a net profit of RON 1.4 bln (EUR 290 mln). The company's market capitalization exceeds RON 10 bln (EUR 2 bln).

(Photo: Ministerul Economiei Facebook Page)