Romgaz sells more gas and ups turnover but sees lowering profit in 2010

Romanian state-owned gas producer Romgaz Medias posted a turnover of EUR 808 million last year and a profit of EUR 121 million. The turnover was slightly higher than in the previous year, while the profit went down 12 percent. Romgaz sold a higher volume of natural gas in 2010- 6.5 billion cubic meters of natural gas, up on 6.2 billion in 2009. The company's biggest customers include GDF Suez Energy Romania, E.ON Energie, InterAgro, Electrocentrale Bucharest and Azomures. InterAgro has recently announced it will close down its fertilizers factories, which use natural gas as main raw material – read more about it here. Romgaz plans to invest around EUR 214 million this year in research and development to discover new natural gas reserves, as well as in increasing the underground storage capacity and in exploring mature gas fields to counterbalance the decrease in production. Romania plans to list some of Romgaz' shares on the Bucharest Stock Exchange, with hopes it could be floating by the end of this year. Romgaz has recently sent a RON 400 million (around EUR 93 million) donation to the Romanian state, which has caused the discontent of Fondul Proprietatea and its fund manager Franklin Templeton. Fondul Proprietatea owns 15 percent of Romgaz' shares. Fondul Proprietatea to go to court against managers who voted Romgaz’ donation to Romanian state editor@romania-insider.com