Azomureș Chemical Plant. Photo: profit.ro
The deal was finalised after all the necessary conditions had been met, including approval from Romgaz shareholders, the Competition Council and the Commission for the Review of Foreign Direct Investment, according to profit.ro. The value of the deal is estimated at approximately €69 million.
Romgaz is preparing to restart production
The next stage will involve integrating the acquired assets and preparing to resume production. As the plant has been out of operation for a long time, a technical assessment of the equipment, inspections and tests, repairs and maintenance, as well as a check of the safety systems, must be carried out prior to the restart.
“The completion of the formalities for the transaction marks the beginning of a new phase for Romgaz. Through the acquisition of Azomureș’s production operations, we are taking an important step towards implementing our development and vertical integration strategy and laying the groundwork for a more efficient use in Romania of the natural gas we produce,” the publication quotes Romgaz CEO Rezvan Popescu as saying.
Romgaz had previously indicated that, due to current restrictions on the use of its own gas production, a full-scale restart of production would not be possible until at least the second quarter of 2027. The company also needs to address the issue of training the necessary specialist personnel.
The Romanian government had previously approved state aid for Azomureș from the EU Modernisation Fund, amounting to over 28 million euros, to improve energy efficiency and reduce the carbon footprint of nitric acid production.
When operating at full capacity, Azomureș’s production capacity has the potential to meet around 90 per cent of the Romanian market’s demand for chemical fertilisers.
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