Romgaz, which is 70% owned by the Romanian government, said priority directions of investments are orientated to continuing geological research works by performing new drilling and geological survey for the discovery of new gas reserves; development of the production potential by adding new facilities on existing structures; improving the performance of facilities and equipment to increase production safety; and identification of new opportunities of growth and diversification.
In 2020-2025, it plans to invest RON5.4 billion in natural gas production, around RON5.5 billion in partnerships, RON3.7 billion in electricity production projects, and around RON1.18 billion in petrochemicals.
Shareholders also approved raising the limit of a credit facility line from Banca Comerciala Romana for letters of bank guarantee up to $100 million.