Romanian state-owned gas producer separates gas storage business

Romania’s state-owned gas producer Romgaz will separate its underground gas storage activity and move it to a new firm, which will be 100% owned by Romgaz. The operational branch managing the underground gas storage activity will start functioning on April 1, 2018. “The establishment of this Branch shall meet the current requirements of the market by a larger flexibility and it allows the optimization of the underground gas storage by a more efficient management of the involved resources,” according to Romgaz. The underground gas storage plays a major role in ensuring the natural gas supply by covering the consumption peaks mainly determined by temperature variations. Romgaz owns six underground gas storage facilities with a combined active capacity of 30.78 TWh per cycle. The company recently announced it would invest EUR 400 million in developing this activity until 2025. Romanian gas producer Romgaz proposes EUR 412 mln cash distribution to shareholders editor@romania-insider.com