Romgaz’s net profit falls 22% in 2018

Romgaz’s net profit for 2018 fell to RON 1.4bn, a 22-percent decrease from the previous year. Turnover, however, was up 9 percent y-o-y, totaling RON 5bn, thanks to a 17.7-percent increase in revenues generated from internal gas sales as well as gas acquired for resale purposes and joint ventures. Dumitru Rotar, deputy general manager of Romania’s state-run gas producer, called 2018 “a tricky year,” pointing a reduction in storage tariffs and a jump in regulatory tax revenues. Production hit 5.333 million cubic meters in 2018, up 175 million from 2017.