The shareholders of the Romanian gas producer Romgaz rejected yesterday the draft budget for this year drawn up by the company’s management, after discovering that there was no correlation between income and expenses, according to a company report sent to the Bucharest Stock Exchange.

The producer’s management now needs to come up with a new draft budget and call a new meeting of the board of directors.

The state has a 70% stake in Romgaz, through the Energy Ministry.

According to the rejected draft budget, Romgaz estimated that it would record a net profit of EUR 295 million this year, up by 12% over 2015.

The company estimated total revenues of EUR 1 billion, 0.23% lower compared to last year. The operating costs were expected to go down by 6.5% to EUR 636 million.

editor@romania-insider.com