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Romania's Romgaz mulls entry on renewables market

Romgaz HQ

BUCHAREST (Romania), May 20 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] has launched a 1.1 million lei ($248,700/227,200 euro) tender for a study on its possible entry on the renewable energy generation market, according to an announcement published in Romania's electronic system for public procurement, SEAP.

The main objective of the study is to provide Romgaz with comprehensive guidance on the possibility of developing a business in the fields of wind, solar, geothermal and biogas energy generation, the tender notice published on May 12 on SEAP showed.

The analysis must be completed within three months after signing the contract, with another month being allocated for any revisions. The deadline for submitting bids from companies interested in this contract has been set for June 16.

On June 15 Romgaz will ask its shareholders to vote on a 15.7 billion lei investment plan for the following 15 years, an invitation for a sharegolders meeting shows.

The company's first-quarter net profit rose 5.5% year-on-year to 571.9 million lei, while revenue decreased 16.5% on the year to 1.43 billion lei.

The majority shareholder of Romgaz is the Romanian state with a 70% stake, with the balance of 30% in free float on the BVB.

Shares in Romgaz traded 0.16% lower at 30.45 lei lei by 1509 CET on Wednesday on the BVB.

(1 euro=4.8421 Romanian lei)

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