Romania's natural gas group Romgaz (BVB: SNG) reached an agreement to increase by RON 10.3 million (EUR 2 million) the value of the contract with troubled company Duro Felguera of Spain, which is building the 430 MW Iernut gas-fired power plant. The money will go to General Electric, a subcontractor of Duro Felguera. 

The new generation capacity, a EUR 270 million investment, was supposed to be ready five years ago, and Romgaz hopes to have it operational by the middle of the year.

"The Romgaz team managed to conclude tripartite agreements with Duro Felguera and General Electric today, which will ensure a better implementation pace for the remaining work to be executed (approximately 3%)," the company announced in a note to investors.

(Photo: Romgaz on Facebook)

iulian@romania-insider.com