Romgaz’s Board of Directors has approved the completion of the procurement procedure for the new works contract for the construction of the Iernut plant, and the contract will be signed on Friday, or Monday morning at the latest, announced Romgaz’s general manager, Răzvan Popescu.
“Romgaz has published a current report regarding the restart of the investment from Iernut. In last night’s meeting (Wednesday evening) the Board of Directors approved the completion of the acquisition procedure according to Law 99, on the new works contract regarding the completion of the construction of the plant from Iernut and approved the transaction contract, which, let’s say, regulates the past with the former association in order to be able to receive absolutely all the benefits of the old contract. We will announce the market as soon as possible regarding the price, as well as the deadline of finalization, the contract not being signed yet. We will probably sign the contract tomorrow, or Monday morning the latest,” said Răzvan Popescu, according to Agerpres.
Asked when the plant from Iernut will deliver energy to the system, the director of Romgaz stated that everything depends on corporate approvals, but it is planned that the production tests will be done this year.
“The term depends a lot on the corporate approvals. I cannot offer a deadline until we have completed the signing of the contract (…) At this moment, we plan to have the production samples done during the current year,” Popescu pointed out.
According to the report published on the website of the Bucharest Stock Exchange, the conclusion of the Purchase Contract was approved with the object “Completion of the works and putting into operation the investment objective: Development of CTE Iernut through the construction of a new thermoelectric plant with combined cycle gas turbines,” with Duro Felguera SA.
“The Purchase Contract is to be signed by the parties according to the applicable corporate procedures, in compliance with the provisions of Law no. 99/2016 on sectoral purchases; the conclusion of a Transaction Contract between SNGN Romgaz SA and Duro Felguera SA was approved, which will be subject to approval to the General Meeting of Romgaz Shareholders,” the report states.
The Transaction Contract will be concluded with the aim of resolving some disputes between the parties and completing the remaining works to be executed at CTE Iernut.
“We specify that the Transaction Agreement will enter into force within 5 days from the date of fulfillment of all the suspensive conditions provided for in it, one of these conditions being the approval of the General Meeting of Romgaz Shareholders,” states the quoted source.
Mid- 2021, Romgaz announced on the stock exchange the termination of the works contract with the object of the Development of CTE Iernut, through the construction of a 430 MW thermoelectric plant, with a combined cycle with gas turbines, concluded with the association formed by Duro Felguera SA and Romelectro.