Romanian state-owned gas producer Romgaz reported total gas sales revenues of EUR 586 million (RON 2.58 billion) in the first nine months of the year, down 10 percent compared to the same period in 2012.

The company’s revenues from domestically produced gas sales went up 2.8 percent in the first nine months of 2013 against the same period the previous year, to some EUR 424 million (RON 1.86 billion).

However, the revenues from sales of imported gas fell by over 58 percent year-on-year, to EUR 80.4 million (RON 354 million), the company said in an amendment to its IPO documents.

In the third quarter of 2013, Romgaz’s gas production rose by 1.8 percent against the same period in 2012.

Romania started the IPO of 15 percent stake in Romgaz on October 22, hoping to attract between EUR 312 million and EUR 415 million from the sale. The IPO will last until the end of the month.

Following the IPO, the Economy Ministry will hold 70 percent in Romgaz, Fondul Proprietatea will keep its 15 percent stake, and the rest of 15 percent will be free floating.

Irina Popescu, irina.popescu@romania-insider.com