The Board of Directors (CA) of Romgaz approved the budget amending proposal of the Income and Expenditures Budget (BVC) for the current year, as shown in a report sent to the Bucharest Stock Exchange, notes Bursa. The correction is based mainly on the falling demand for gas by 6%, and the debt that Electrocentrale Bucuresti and Electrocentrale Galati have to pay.

“The figures in the revised budget, took in account the drop in the gas demand at the national level, significantly reduced compared to the forecasted revenues and expenses in the budget approved by the Government Decision No. 329/2015 adjustment made in the Black Sea projects (Rapsodia block) that did not have the expected result and the adjustment (limbo) of the non received claims from Electrocentrale Bucuresti and Electrocentrale Galati”, reads the mentioned report.

“The decrease in the consumption persisted in 2015 and Electrocentrale Bucuresti was a good payer last year. Therefore the budget drawn up early was more optimistic. In 2015 intervened this financial deadlock between Electrocentrale Bucuresti and RADET, but there are hopes that the situation will be resolved in the future. Now the CET stations can borrow from the Treasury, in order to pay its suppliers and there are ongoing discussions on rescheduling the debt of the heat producer by Romgaz.” writes Bursa based on information obtaine from sources in the energy field.

In the first half, the Romgaz shareholders approved an income with a BVC of 4.63 billion lei and a gross profit of 1.85 billion lei. Total planned expenditures were 2.7 billion lei, while the investment expenses amounted to 1.3 billion lei. For the first half, Romgaz reported a net profit of 766.6 million lei, down by 12% compared to the same period last year. The company’s turnover decreased by 11.5% to 2.2 billion lei.