Romgaz provided in the budget for this year a gross profit of 1.5 billion lei.

The company expects total revenues of 5.089 billion lei and programmed an investment of 1.34 billion lei (about 304 million). Last year it recorded a profit of 930.7 million lei, 16.8% lower than in 2012, according to a report submitted to the Bucharest Stock Exchange (BVB).

However, the turnover rose by 1.5% reaching 3.89 billion lei. In 2013, Romgaz produced 5.65 billion cubic meters of natural gas, and according to ANRE had a market share of 50.5% of sales gas from domestic production end September, according to Bursa.

Because of the reduction of consumer demand, the company production came down 2.5% in 2013 from the previous year. In contrast, 2014 had a good debut for Romgaz, who won in the first three months a net profit of 608.3 million lei (135.2 million euro), almost double the gain of 332.7 million lei first three months of 2013.

All that whilst the gas production fell in the first quarter 14.4% to 1.46 billion cubic meters from 1.47 billion cubic meters in the first quarter of 2013.

Also, Romgaz completed the agenda of the AGM scheduled for July, 30. According to a report submitted to the BSE, the Ministry of Economy and Property Fund (FP) proposed the introduction of a variable remuneration for the Board of Directors and executive management of the company, depending on the evolution of the stock exchange titles of the company.

The Ministry of Economy holds 70% of Romgaz, while the Fund was down in June, from 10% to 5% of the shares. Fund reduced last month Romgaz stake in the sale of 4.99% of the company’s shares to 644.6 million lei.