Romania: Romgaz expects profit increase in 2014

, SEE Energy News

ROMGAZ shareholders discussed at the General Assembly budget revenues and expenditures of the company for 2014, which provides for a net profit of 262MEUR (1.16 billion lei) amid total revenues of 1.2 billion euro( 5.089 billion lei) and expenditure of 790MEUR (3,578 billion lei).

The budget was approved by the Government on July 9, 2014. Budget proposal was submitted by the Department of Energy by ROMGAZ in February 2014, the reason for which the budget is based on current prices set by GD 511 of June 26, 2014.

Budget 2014 provides 19.5% increase in profit to preliminary profit for 2013, increasing the number of employees from 6,472 at the end of 2013-6538 by the end of 2014 and increase salary costs by £ 15.268 million as a result of the business expansion production.

Investment spending will increase by 67.7%, to continue the work of discovery of new reserves and participation in investment projects.