Romania’s natural gas group Romgaz (BVB: SNN), in a note to investors, announced it reached an agreement over the terms of the deal, including the price, by which it plans to take over fertiliser producer Azomures. The deal, expected to be completed within 3-4 months, turns the Romgaz group into a major natural gas consumer at a time it expects to begin production from the Neptun Deep offshore perimeter operated with OMV Petrom.

Azomureș is currently owned by the Swiss group Ameropa.

The agreement in principle reflects the commercial understanding the parties have reached with respect to the main elements of the transaction, including structure, price, and commercial mechanism to be implemented during contract signing and actual completion of the transaction.  

The parties will continue with the required proceedings to complete negotiations to sign a transaction contract based on the terms agreed in principle.

Romgaz estimated that completion of negotiations and obtaining the approval of the Board of Directors for signing the transaction contract will occur by the end of May 2026, at the latest.

Interim prime minister and acting minister of energy, Ilie Bolojan, welcomed the agreement announced by Romgaz through a Facebook post.

"One of the important negotiations in recent months was aimed at rescuing Azomureș, through Romgaz. It is an important step to restart the chemical fertiliser industry in Romania, essential for agriculture and for our economy. The agreement in principle between Romgaz and Azomureș means maintaining the largest industrial capacity in this field in operation. The actual takeover will take place in the next 3-4 months, after obtaining all approvals. For the Romanian government, the superior utilisation of Black Sea gas, through its processing in national industries, has been a priority in these months,” Bolojan wrote.

iulian@romania-insider.com

(Photo source: Inquam Photos/Adel Al-Haddad)