Răzvan Pârvulescu, Director Dezvoltare, Divizia Gaze Naturale, Hagag Energy
The regional gas market remains volatile, following the shift in trade flows brought about by Europe’s reduced dependence on Russia, with LNG now playing a vital role in balancing the market. For Romania, harnessing Black Sea resources could offer a regional advantage, but this must be supported by investment in infrastructure. “Black Sea gas represents an advantage that few countries in the region have,” says Răzvan Pârvulescu, Director of Development, Natural Gas Division, Hagag Energy, in an interview with Energynomics.
How would you describe the gas market in 2026, both in Romania and across the region? What are the main market developments and trends, and what is driving them?
Romania’s gas market is undergoing a period of profound transformation. The prospect of Neptun Deep entering production could reposition the country as one of the region’s leading gas producers and fundamentally change the way we view the domestic market. Access to significant additional volumes creates an opportunity for Romania to evolve from a market primarily focused on meeting its own demand into a regional player with export potential. Romania already benefits from several important advantages: domestic production, transmission and storage capacity, and interconnections with neighbouring markets. If further developed and used efficiently, these assets could significantly strengthen the country’s contribution to energy security across Central and South-Eastern Europe. At the same time, the regional market remains volatile. Europe’s reduced dependence on Russian gas has reshaped trade flows, while liquefied natural gas has become essential to balancing the continental market. Consequently, prices and gas availability will continue to be influenced by geopolitical and commercial developments beyond Romania’s borders.
One major trend is the increasing strategic value of infrastructure. Having access to the resource itself is not enough, as natural gas as must also be transported, distributed, stored and traded efficiently. Romania still has significant growth potential in distribution, particularly across the many communities where networks are either unavailable or connection rates remain low. Public investment programmes are accelerating infrastructure expansion and creating opportunities for operators capable of developing and managing these projects efficiently.
From this perspective, 2026 is a year of transition and preparation. The next few years will reveal the extent to which Romania can convert its resource base and geographical position into a genuine economic advantage. For us, as a distribution operator, the priority is to identify areas with strong potential and develop a concession portfolio that is sustainable, efficient and relevant to the communities it serves.
From your personal perspective, how can the current energy crisis be resolved?
I believe that we the matter should be approached in a holistic matter. A coherent combination of measures capable of delivering energy security, competitive prices and economic predictability at the same time could take us the long way. Nonetheless, the decisive factor will be our ability to think long-term and turn today’s pressure into a catalyst for modernising the whole energy system. For Romania, the first step is to make better use of its own resources. Black Sea gas represents an advantage enjoyed by few countries in the region, but its development must be matched by investment in transmission, distribution and storage. Having the resource is not enough; we must also be able to deliver it efficiently to the businesses and consumers that need it. Energy storage is another area where Romania needs to close the gap quickly. Years of underinvestment cannot be offset overnight, but neither should this gap be regarded as permanent. When there is a genuine need, a clear direction and investment capital, technological and economic advances can occur far more quickly than expected. We need to bring the same level of ambition to the development of storage capacity. Likewise, I do not believe the answer lies in choosing one energy source over another. Across a balanced system, nuclear power, hydropower, renewables and natural gas have distinct yet complementary roles. The objective should be to build an energy mix tailored to Romania’s needs while reducing exposure to external shocks. The energy transition must remain pragmatic. Decarbonisation is a necessary objective, but its pace and mechanisms must take into account business competitiveness, energy costs and security of supply. A sound transition is one that the economy can sustain and that simultaneously makes the country more resilient.
What do you believe Romania’s energy mix should look like in the coming years?
Romania needs a balanced energy mix built around complementary sources and the specific strengths of each. This approach is also reflected in the national energy strategy. The debate should not be framed as a choice between technologies, but around how they can work together to deliver stability, competitiveness and security.
Natural gas should remain an important component of the mix. It is a flexible energy source that can respond rapidly to changes in demand and balance intermittent renewable generation. Romania’s domestic resources, particularly those in the Black Sea, also provide the country with a significant strategic advantage.
Solar and wind generation should continue to expand, but at a pace aligned with investment in grids and, above all, storage. As the share of weather dependent generation increases, flexible capacity becomes increasingly important to maintaining system balance. Nuclear power and hydropower should, too, retain their role as pillars of the system: nuclear provides stable baseload generation, hydropower supports balancing, renewables expand low-carbon output, and gas provides flexibility and security. Romania’s advantage lies precisely in the diversity of these resources. By accelerating investment in infrastructure, interconnection and storage, we can build a resilient and competitive energy system. Therefore, natural gas should not be viewed solely as a transitional fuel to be phased out, but as a strategic resource that will continue to support the balance of Romania’s energy system for decades to come.
How can Romania develop a more liquid gas market with clearer price benchmarks?
A more liquid market begins with higher volumes traded domestically. The additional production expected from Neptun Deep could lay the foundations for a significant shift, but greater volumes must be accompanied by broader and more consistent participation from producers, suppliers, traders and large consumers.
It is equally important to strengthen trading on centralised platforms across a sufficiently diverse range of products and time horizons to meet participants’ actual needs. A market with a continuous presence of firm bids and offers produces more meaningful price signals and reduces dependence on external benchmarks that do not always reflect the specific characteristics of the Romanian market. Liquidity also requires stable rules, transparency and predictability. Market participants must be able to make medium-and long-term commercial decisions within a clear framework. Ultimately, robust domestic price benchmarks are built through volume, participant diversity and trading frequency. Neptun Deep gives Romania the opportunity to make this step, provided the additional resource is integrated into a functional and competitive market mechanism.
How will Neptun Deep help ease pressure on the domestic market? What role will US LNG imports play?
Bringing Neptun Deep into production could significantly alter the dynamics of the Romanian market. The additional volumes expected starting 2027 should strengthen supply security while supporting a more competitive and liquid domestic market. With substantial domestic production, Romania should be well positioned to achieve competitive pricing relative to the European average. This does not mean insulating the country from regional developments -the Romanian market is, and will remain, connected to them -but ensuring that its advantage as a producer is reasonably reflected in domestic gas prices. US LNG imports play a complementary role. They provide diversification, flexibility and an alternative source of supply for the European market, with indirect benefits for Romania as well. Access to multiple sources and supply routes is essential in a market exposed to geopolitical risk. Neptun Deep gives Romania a strong domestic foundation, while LNG contributes to the flexibility and resilience of the regional market. The two are not competing alternatives; they are complementary components of a more secure and better-supplied energy architecture.
What development priorities and market segments is the company pursuing in Romania in 2026? What are its main ongoing projects and its estimates for projects and capacity commissioned, as well as revenue, this year? What are the company’s plans for Europe and the wider international market?
For Hagag Energy, 2026 is a year of consolidation and accelerated development in Romania. We are focused on expanding our natural gas activities while building an integrated energy platform capable of capturing long-term opportunities across the sector.
One of our central directions for 2026 is advancing the development of our distribution portfolio, which comprises 77 concession areas across 18 counties. These projects are in different development stages from design and permitting to construction and commissioning -and our priorities are to operationalise the entire portfolio, working alongside local authorities, collaborators and all relevant stakeholders, and to transform these concessions into functional distribution systems serving local communities. We expect to commission six networks by the end of 2026, a further five in the first quarter of 2027 and another 15 – 20 by the end of 2027.
Concurrently, we are developing our supply business and expanding our customer base, aiming to establish a meaningful presence across the value chain. This year, we are also launching the production and commercialisation of natural gas pressure-regulating, metering and delivery stations (PRMS). Our teams are already working on the first units intended for distribution systems currently being prepared for commissioning.
Another essential direction is improving the efficiency of network management. As the portfolio expands, we are building a scalable organisation and operating model capable of managing a larger number of projects with optimised resources and costs, without compromising safety or service quality. For us, however, this year’s performance is not measured solely in the kilometres of network constructed, but in the number of projects actually commissioned, their ability to attract new connections and the economic impact generated within the communities we serve.
Over the longer term, we are assessing opportunities in renewable energy generation, storage capacity and data centres. This outlook confirms that Hagag Energy’s market entry is conceived as a long-term development project rather than a one-off investment.
As regards international expansion, Romania remains, at least for the time being, the centre of our energy strategy. Our priority is to consolidate a highperforming, scalable local platform. Opportunities elsewhere in Europe or in other markets will be assessed subsequently, based on their compatibility with our business model and their ability to generate sustainable value.
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The interview also appeared in the print edition of Energynomics Magazine, Q3 2026 issue.
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