Romania’s state-controlled natural gas company Romgaz (BVB: SNG) will launch during H1 the first of the two EUR 500 million bond issues planned to mainly finance the Neptun Deep offshore project, Profit.ro announced based on the company’s 2024 financial planning documents recently published but also on past statements of the company’s management.
Romgaz Black Sea Ltd, Romgaz’s project company dedicated to the Neptun Deep project, has planned RON 3.06 billion (EUR 600 million) investments for the offshore project this year.
Romgaz will issue the bonds and finance Romgaz Black Sea via an interest-carrying loan.
“The interest rate related to the loan contracts in force is estimated at 7.5% per year. Starting from July 2024, the increase of the share capital of Romgaz Black Sea Ltd. with the value of these loans was foreseen,” the company’s financial planning document reads.
The investments envisaged by Romgaz for the current year (including its Black Sea vehicle) reach RON 4.7 billion (EUR 940 million) and will be financed from its sources with RON 2.2 billion, besides the RON 2.5 billion (EUR 500 million) bonds.
The investment plans for 2024 also include the construction of a photovoltaic park with an installed power of about 40 MW.
iulian@romania-insider.com
(Photo source: Inquam Photos/Adel Al-Haddad)
