Romanian gas producer Romgaz's profit up in Q1, despite massive Russian gas imports

Romanian gas producer Romgaz recorded a net profit of EUR 124.3 million in the first quarter of the year, up 15.7% over the same period last year, according to financial data the company published yesterday. The producer’s turnover went up by 9.8% between January and March this year over the same period in 2016, to almost EUR 330 million. Meanwhile, the natural gas production amounted to 1.33 billion cubic meters in the first three months of the year, up 12.5% over the previous quarter and down 3% year-on-year. The company reported these results despite the massive imports of natural gas during this period. These amounted to 675.5 million cubic meters, more than five times over the same period of 2016. Romgaz had a budget of almost EUR 41 million for investments for the first quarter of the year, but managed to invest only some EUR 20 million. editor@romania-insider.com