“It is clear that prices on the gas market will continue to decline – we have had a warm winter, we have a coronavirus pandemic, we have reduced activity on the production units…”, said Adrian Volintiru, the CEO of Romgaz, in an online conference. “ At national strategic level, we focus on keeping the gas production running, at the levels needed in the market. We, at Romgaz, extract gas every day at full capacity – 14.7-15 million cubic meters.”
Adrian Volintiru said that Romgaz should use this period to prepare for future investments: due-diligence, market research, business plans, etc. “Fortunately, Romgaz has zero debt, it has the opportunity to access financing from both the domestic market and the international market,” Volintiru said. It all depends on how the banks will emerge from this crisis and on what cost will financing have in the future. “When the time comes, we will be ready to make investment decisions.”
The CEO of Romgaz expects that the company’s main ongoing investment – the new Iernut unit – to be completed by the end of the year, ” turnkey, with all the tests done”. Talking about other priority investments, Adrian Volintiru mentioned a methanol plant, the Mintia power plant and smaller power plants in areas with high industrial consumption, but also the acquisition of a wind farm.