According to him, the move envisages the diversification of Romgaz portfolio and expansion on a production segment that will confer Romanian gas a higher added value.
This is another strategic step for Romgaz, Romania’s biggest gas producer, after in 2022 the company paid $1.2 billion to take over the 50% stake of ExxonMobil in Neptun Deep project. The Black Sea gas could be turned into chemical fertilizer if Romgas takes over Azomures.
At the moment it was delisted in 2012, Azomures was worth RON1 billion at the Bucharest Stock Exchange, with RON1.8 billion turnover and RON240 million profit. Last year, the company had the same turnover, but losses of RON73 million and debts soared to RON1.2 billion from RON170 million.
Azomures was one of the first companies to list on the bourse and also one of the best-perfoming in the history of the bourse.
(English version by Catalina Apostoiu)