GDF Suez Romania takes over majority stake in local gas distributor

GDF Suez Energy Romania, a company owned by French group GDF Suez, which is the main gas distributor and supplier in the Southern half of Romania, announced its intention to acquire a 57.18 percent stake in Congas, a local gas distributor in Constanta county. GDF Suez Energy, which already holds 28.59 percent of Congas will buy similar stakes held by OMV Petrom and E.On Ruhrgas International, to reach 85.77 percent in the company. The transaction is currently under analysis by the Romanian Competition Council, the institution has announced. Congaz operates some 740 kilometers of gas distribution network in the city of Constanta and Medgidia and in the smaller towns of Navodari, Ovidiu, Mihail Kogalniceanu, Cogealac, Cumpana and Lumina, all in the Constanta county. The company serves almost 38,000 customers. In 2013, Congaz had a turnover of EUR 35.8 million and a net profit of EUR 3.1 million. The company has 248 employees. GDF Suez Energy Romania serves more than 1.4 million customers and operates a gas distribution network of 17,200 kilometers. The company had a turnover of EUR 976 million last year, which makes it one of the largest 20 companies in Romania by sales. It also made a profit of EUR 107 million. The group has more than 3,600 employees. Andrei Chirileasa, andrei@romania-insider.com