‘No increase’ in the price of gas supplied in 2011 by Romgaz

Romgaz will not increase the gas prices this year, the company assistant general manager of the company, Francisc Toth, said on Thursday.

He explained that that was because Romgaz succeeded in storing up 1.7 billion cubic meters, representing 70 percent of the potential storage of its deposits.

The amount has been imported and purchased at a price of 435 dollars per thousand cubic meters, which is a good purchase price, according to Francis Toth, given the growth trends in the price of imported gas, up to 450 or even 500 dollars per thousand cubic meters.

Romgaz covers 40 percent of the country's gas needs, out of which two thirds from domestic production.

Annually, Romania consumes about 14 billion cubic meters of gas.

Regarding the debts that the company has not yet recovered from debtors, the representative of Romgaz noted that the value of the debts significantly decreased, the amount being up to 500 million, but in the case of Termoelectrica the recovery could be done in court.

‘I think we are passing to another stage in which we must recover our investment in Iernut and possibly we'll sue the consortium that hasn’t handed the project over to us. We have to recover a debt of 400 million lei.’

‘In the Interagro case, the company is now paying its rate every month, after rescheduling the debts to Romgaz. The Romgaz entitlements have been greatly reduced and are now about 500 million lei’, Francis Toth said.


Translated by: Denisse-Meda Bucura
MA Student, MTTLC, Bucharest University