Romgaz shares are on an upward trend, after the company published the Development and Investment Strategy for the period 2020-2025, which provides for an investment program of about 15.69 billion lei.

“Investments play a key role in reducing the natural decline in production, both by discovering new hydrocarbon reserves and by improving the current recovery, by rehabilitating, developing and modernizing existing facilities, but also by exploiting new opportunities for growth and diversification. Thus, the investment program for the reference period will be oriented mostly towards natural gas production (about one third of the amount), associations/ partnerships in offshore projects (Black Sea) and electricity production-storage (another third of the amount, respectively 5, 475 billion lei), diversification – petrochemicals and electricity production, the difference up to 15.69 billion lei total investments for the next 5 years,” said Adrian Volintiru, Romgaz’s general manager.

Volintiru also claims that investors have understood the ambitious investment program that the management has undertaken, and the increase in the share price represents an increase of confidence that they invest in the company. Despite the difficult period (warm winter and COVID pandemic) and the reduction of gas prices and turnover, Romgaz managed to reduce expenses by 22%, generating in the first quarter a higher profit by 114 million lei compared to the budgeted, the company said.