Romania, Romgaz recorded a net profit in the amount of 456 million euros in the first nine months of 2022

, SEE Energy News

Romanian natural gas producer Romgaz recorded a net profit in the amount of 456 million euros in the first nine months of 2022, which is by 93.5 % higher compared to the same period last year, mostly due to higher gas and electricity prices.

The company’s total revenues rose by 209 % year -on-year, reaching 2.2 billion euros in the January- September 2022 period.

In the first nine months of the year, Romgaz produced 3.687 billion cubic meters of natural gas, which is 0.5 % less compared to the same period in 2021, and 839.46 GWh of electricity, a 97 % increase year-on-year.

Natural gas consumption in Romania in the first nine months of 2022 amounted to 78.34 TWh, which is by 14 % lower compared to the same period last year.

Romgaz has allocated 1.16 billion euros for investments in 2022, of which 1.11 billion has already been realized in the first nine months of 2022. This includes the acquisition of ExxonMobil’s 50 % stake in Neptun Deep gas project in the Black Sea for 1.03 billion euros completed this August. The acquisition was financed from Romgaz’ own sources and loans provided by Raiffeissen and BCR.