Romania, Romgaz recorded a net profit in the amount of 391 million euros in 2021

, SEE Energy News

Romanian state-owned natural gas producer Romgaz recorded a net profit in the amount of 391 million euros in 2021, which is by 52 % higher compared to 2020.

Natural gas production in 2021 was 5.028 billion cubic meters, which is by 508.8 million cubic meters or 11.3 % higher than the production in the previous year. The company’s revenues rose by 43.6 % in 2021 reaching 1.19 billion euros.

Quantity of natural gas sold (including gas purchased for resale) is 12.7 % higher in 2021 compared to 2020. Estimated revenues from natural gas sales for 2021 is 1.03 billion euros, a 52.41 % increase year-on-year.

In Q4 2021 alone, revenues from natural gas sales increased by 101.81 % as compared to the previous quarter (+ 17.15 % by volume), and by 120.62 % as compared to Q4 2020 (- 15.64 % by volume).

In 2021, storage activities recorded a decrease by 30.64 % of the revenue at group level, following 32.3 % lower capacity reservation services and a decrease by 31.48 % of injection services. As for Depogaz, revenue from these services decreased by 6.14 %.

Revenues from electricity sales increased by 69.9 % year-on-year, against a 31.7 % drop in production as compared to last year. Higher revenues is due to the high prices on centralized markets.

In 2021, an income of 23.5 million euros was generated by executing the performance guarantee related to the works contract for the construction of a new 430 MW unit at Iernut power plant with combined cycle gas turbine concluded between Romgaz and the consortium consisting of Duro Felguera and Romelectro.