February 3 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said on Friday that it has signed a new individual contract with Socar Trading, a subsidiary of Azeri national oil company Socar, for the delivery of up to 1 billion cu m of gas to Romania until March 2024.
The new contract shall enter into force on April 1 2023 and serves Romania's strategic objectives of ensuring security of supply and diversification of gas sources, Romgaz said in a press release.
The deal builds upon the framework established by the first individual contract which the two companies signed at the end of last year, the company added.
Romgaz and Socar aim for the continuation of their cooperation both in regard to the improvement of the delivery mechanisms of Azeri natural gas to the Romanian market and the exploration of new possibilities for collaboration on mutually advantageous projects in the energy field, Romgaz said.
Romania's president Klaus Iohannis, visiting Azerbaijan for the opening of the ministerial meeting of the consultative council of the Southern Gas Corridor, said that Romania remains strongly interested in supplementing its gas imports from the Caspian region in order to meet its rising consumption.
Romgaz traded 0.37% higher at 40.65 lei ($9.07/8.3 euro) as of 1429 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.9005 lei)
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