Romanian Transgaz expects 6.4% lower profit In 2012

Romania’s state-run natural gas pipeline operator Transgaz Medias estimates its net profit will fall 6.4 percent to RON 355 million (EUR78.3 million) in 2012, from RON 379.5 million in the previous year.

Company expenses are expected to remain RON 1 billion (just under EUR 221 million at the current exchange rate). Investment expenditures are budgeted at RON 290 million (EUR 64 million), higher by 64 percent than the RON 176 million in 2011 (EUR 41.5 million). Romania’s Government set a new date for the sale of a minority stake in national natural gas supply operator Transgaz. Originally scheduled for June this year, on August 8 the Government announced that the new deadline is mid September. The government will attempt to sell a 15 percent stake in the company as part of the series of sales of state owned energy companies Romania agreed with the EU and the International Monetary Fund. Ioana Toader, ioana.toader@romania-insider.com