Romanian Petrom, Romgaz To Assign RON172 To Social Gas Fund In ‘08

The funds are subject to an agreement signed by the two companies with Ministry of Economy and Finance, and will be paid in monthly installments.

Petrom will assign a total of RON80 million, while Romgaz RON92 million of the fund’s total value, the statement also read.

Petrom and Romgaz voluntarily support the Gas Fund. The two companies will assign the funds by sponsorship.

Romanian household natural gas prices hiked by 8.5% February 1 to adjust the local gas prices with the higher prices for imported gas.

The consumers with an income under RON615 per family member will benefit from the aid.

Petrom and Romgaz are the largest natural gas producers in Romania. The companies cover about two third of the national consumption