These two issues are on the agenda of Romgaz’s Extraordinary General Meeting of Shareholders to be held on September 4.
The canceled decision concerns the creation of a supplier company in Moldova called Romgaz Furnizare M SRL. It will be abolished and the trading company Romgaz Trading SRL will be created in its place.
Why is this necessary? The Romanian gas producer claims that this is stipulated by the provisions of Moldovan legislation. Previously, Romgaz created a supply company in Moldova in order to have the right to sell gas on the wholesale market without being interested in direct gas supplies, at least at the moment, to end consumers. However, Romgaz has discovered that they need a trading license to do this in order to be fully compliant with Moldovan law. They therefore liquidate the supply company and create a trading company.
Does this mean that Romgaz will sell gas from its own production directly on the Moldovan market? Probably in the future, since, at least until the end of next winter, the company is obliged to sell gas at a regulated price for residential consumption and thermal energy producers for the Romanian population, and these volumes constitute the vast majority of its own production.
However, it is possible that Romgaz may first sell gas purchased from third parties in Moldova.
