Romgaz’s net profit dropped 22 per cent in 2018 to 1.4 billion RON

Romgaz, the biggest gas producer in Romania, owned by the state, registered a net profit of 1.4 billion RON in 2018, down 22 per cent year-on-year. The turnover reached 5 billion RON, up by 9 percent compared to 2017.

At the same time, the storage tariffs were reduced by 25 percent and the regulatory tax revenues increased. Impact has also been based on the offshore law and legislative changes at the end of last year, namely OUG 114/2018.

Gas production in 2018 reached 5.333 million cubic meters, 175 million higher than in 2017, Business Review reads.

The increase in turnover resides from a 17.7 percent rise of revenue from sales of internal Romgaz produced gas and of gas purchased for resale as well as gas from joint ventures, despite the decrease of revenue from electricity sales (30.62 percent) and the decrease by 41.08 percent of revenue from storage services.