Romanian group Romgaz to double turnover in seven years by burning more gas

The strategy of the Romanian state-owned gas and power group Romgaz includes the development of gas-to-power installations with a combined capacity of 1,500-2,000 MW.

The investment might double the group's turnover, but this would require external natural gas resources, said the general manager of Romgaz, Adrian Volintiru, at the Romanian International Gas Conference (RIGC), an online event organized by the Energy Policy Group.

"We also want to invest in methanol and wind and photovoltaic parks, just to increase the country's energy security. We look forward to opening up new onshore and offshore gas opportunities in the coming years. We are, I say, aggressive in the positive sense at the moment because we are very aware that for Romania, Romgaz, and everyone in general, gas is the new coal. Thus, we must be able to speculate this transition period as much as possible," said Volintiru, Economica.net reported.

Romgaz is one of the two large gas producers in Romania alongside OMV Petrom. The Romanian state holds a 70% majority stake in the company.

(Photo source: Facebook/Romgaz)