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Răzvan Popescu: Romgaz investments will exceed 4 bln. lei in 2024

28 February 2024

Romgaz has a very large investment plan for this year, of over 4 billion lei, and the drilling at Caragele has been restarted, with approximately 10 unconditional deep wells in the plan and two or three more conditional on the discoveries they will make does, said the general manager of Romgaz, Răzvan Popescu.

“We have a very large investment plan, I am talking here of over 4 billion lei for the year 2024. As you have seen, we have restarted drilling at Caragele, we are planning somewhere around 10 unconditioned deep wells and another two or three conditioned ones of the discoveries that they will make. We are in the middle of the credit rating process. We have signed with one of the three major credit rating organizations at this time. We will also have a consultant who will help us throughout the financing process because we will be probably the largest financing made by a private company in Romania. We are talking about a little over 1 billion euros at current estimates. I think these are the biggest pillars. We are talking about Neptun Deep, in this project the amounts are already flowing, the payments are being made to the operator, and the operator carries them on to the contractors. The payments started even last year, the contracts were signed in a proportion of almost 90%. Up to this moment, things are on schedule,” said Răzvan Popescu, quoted by Agerpres.

According to him, at Iernut the execution schedule is respected by the contractor. “We are trying to speed up as much as we can the start-up of the new power plant this year, in December. Iernut will bring 430 megawatts of gross power,” added the general manager of Romgaz.

Regarding renewables, Popescu emphasized that, in the strategy, there are 180 megawatts planned until 2030.

“I very much wish that, together with my colleagues, we advance this deadline. We plan and will start the construction of a 41 MW photovoltaic park this very year, with production at the end of 2025 and probably we will go out in market to acquire projects of up to 180-200 MW of renewables. We are looking here at both photovoltaics and wind turbines,” Răzvan Popescu also said.

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