“The documents were signed at 10:00 am today,” Romgaz said in a statement.
Romgaz has added Iernut to its portfolio in August 2012, in exchange for writing off debt owed by the power plant. Iernut covers around 5% of the local electricity market.
Following the move, Romgaz has become the second company in Romania to benefit from a government ordinance allowing natural gas and electricity producers to use own gas to generate energy.
Leading oil and gas company OMV Petrom (SNP.RO) was the first such company to benefit from the legal provision.