Romanian gas producer Romgaz rejected a proposed 20-year US LNG contract after its assessment identified potential annual losses of €50 million to €310 million, depending on US and European gas prices.
The proposal from Greek company Atlantic–See LNG Trade envisaged deliveries through the Alexandroupoli LNG terminal, with pricing linked to the US Henry Hub benchmark.
Romgaz’s December 2025 assessment estimated delivered costs of approximately €33–42/MWh, compared with European TTF forward prices of €30–40/MWh for 2030–2040.
The company concluded that the offer would become attractive only under a favourable combination of relatively low US prices and higher European prices.
The duration also weighed against the proposal. Romgaz expects Neptun Deep and other domestic developments to strengthen Romania’s gas supply, reducing the case for a two-decade import commitment.
The decision has entered a broader political debate over increasing US LNG deliveries through the Vertical Gas Corridor connecting Greece, Bulgaria and Romania.
For Romgaz, the assessment exposed a commercial tension: diversification through LNG does not automatically justify a long-term commitment when transport costs, benchmark risk and prospective domestic production weaken the economics.
