Romgaz becomes electricity producer

“We want to invest, and to build a new plant near an enterprise that can buy the resulting steam, normally considered residue, and emitted into the atmosphere,” said Toth. 

Romgaz is the first state-owned company without energy operations and which is making a move onto the electricity market. To date, Petrom, Gaz de France, the latter majority shareholder of Distrigaz Sud, and E.On Gaz, which took over Distrigaz Nord, have taken such steps only under private management. The Manager of Romgaz refused to give further details about the future location, and the main client, saying only a feasibility study is ongoing for the investment. 

Romgaz reported a net profit of €74.4 million at the end of the first quarter in 2008, nearly double that of net profit in Q1 2007, while net profit for the whole of last year amounted to €152.5 mln.