Econ Min: Romgaz Is Profitable, Has Strategic Importance For Romania

Romania’s Economy and Finance Minister Varujan Vosganian said in a statement that gas company Romgaz Medias is profitable and has a strategic importance for the country’s economy.

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"In 2006, Romgaz reported a turnover of over EUR850 million and a pre-tax profit of EUR204 million,” Vosganian said.

Rompetrol’s general manager Dinu Patriciu said Wednesday in Sibiu that Romgaz should be closed down as it is the cause of gas price rises and the state is an inefficient administrator.

"This whole thing proves that the state cannot administer businesses", Patriciu said.

KazMunaiGas, owns 75% of Rompetrol shares.

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