Order to start the works on Iernut Power Plant

S.N.G.N. Romgaz S.A.

02 August 2023

 

August 2, 2023

A N N O U N C E M E N T

Regarding the Investment Objective: Development of Iernut

Power Plant by Building a New Combined Cycle Gas Turbine Power Plant

Societatea Nationala de Gaze Naturale "ROMGAZ" S.A. (ROMGAZ) informs its shareholders and investors regarding the handover by Iernut Power Plant Branch to the executor Duro Felguera S.A. of the site for starting the works to accomplish the investment objective: "Development of Iernut Power Plant by Building a New Combined Cycle Gas Turbine Power Plant ".

The Handover Protocol/Report of the site, concluded on August 1, 2023, constitutes the Order to start the works on the objective.

In compliance with the provisions of Law No. 24/2017 and F.S.A. Regulation No. 5/2018, S.N.G.N. ROMGAZ S.A. informed its shareholders and investors upon the signing on April 3, 2023 of the Procurement Contract No. 40928/April 3, 2023 with Duro Felguera S.A., having as scope "Completion of works and commissioning of investment objective: «Development of Iernut Iernut Power Plant by Building a New Combined Cycle Gas Turbine Power Plant»".

The deadline for completion of the investment objective is 16 months from the date of the works start order, with the possibility of extension according to the provisions of the contract.

Razvan POPESCU, ROMGAZ Chief Executive Officer: "On August 1, 2023, by issuing the order to start the works, the construction of Iernut Power Plant, with an installed capacity of 430 MW, a strategic project for ROMGAZ as well as for Romania, enters the straight line. Thus, we manage to continue the investment project and effectively enter the stage of developing the new contract for putting the plant into operation in the shortest possible time. We will closely monitor the progress of the contract for the completion of the works and will continue to regularly inform the capital market and the investors in relation to the progress made."

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About ROMGAZ

S.N.G.N. ROMGAZ S.A. is the largest natural gas producer and the main supplier in Romania. The company is listed on Bucharest Stock Exchange and GDRs are traded on London Stock Exchange. The majority shareholder is the Romanian State owning a 70% stake. The company has vast experience in the field of gas exploration and production, with a history that began in 1909 and spans more than 100 years. ROMGAZ undertakes geological exploration with the aim of discovering new gas reserves, produces methane by exploiting the fields included in the company's portfolio and stores natural gas in underground storages; it performs well interventions, workover and special operations, and ensures technological transportation professional services. In 2013, ROMGAZ extended its scope of work by taking over Iernut thermoelectric power plant, becoming electricity producer and supplier.

Chief Executive Officer,

Răzvan POPESCU

 

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