Romanian Transgaz Requested Budget Correction As It Expects 53% Higher Profit

The state-owned company asked the Economy Ministry in July to approve a budget correction for 2011, since transported volumes increase, which widened revenue by 9%, the company said in a memo sent Friday to the Bucharest stock exchange.

As such, the company said gross profit will be 53% higher than the one budgeted.

Transgaz expenditure has increased by 3% this year, mainly due to the royalties owed to the state budget for the use of the gas transport network. The royalty is worth 10% of the gross revenue achieved from the transit of gas.