Romania's Romgaz 2012 gross profit to top 1.0 bln lei (220 mln euro) - govt

Romgaz's revenues will amount to almost 4.3 billion lei this year, while costs are expected to come in at 3.07 billion lei, the government said in a statement on its website after approving the company's 2012 budget earlier this week.

The Romanian gas company reported a net profit of 1.03 billion lei in 2011, up by 58% on the year.

Romania owns 85.1% of Romgaz and local property restitution fund Proprietatea holds a 14.9% stake in the company.

The government said earlier it planned to list a 15% stake in Romgaz on the Bucharest bourse in 2012 as part of a larger privatisation plan under which Romania is to divest minority stakes in key energy and transport companies, including Transelectrica, Transgaz, Hidroelectrica, Nuclearelectrica, OMV Petrom and Tarom.

(1 euro = 4.5318 Romanian lei)