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Romgaz terminates contract with Duro Felguera - Romelectro tie-up for Iernut power plant project

Jun 22, 2021, 2:58:56 PMArticle by Nicoleta Banila
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June 22 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said that the period for suspension of its notice for termination of its contract with Duro Felguera - Romelectro tie-up for the completion of the construction of a 430 MW combined cycle gas turbine power plant in Iernut has expired.

Romgaz terminates contract with Duro Felguera - Romelectro tie-up for Iernut power plant project
Romgaz's Iernut power plant upgrade project Source: Romgaz

Starting June 17, the public procurement contract ceased by termination, motivated by the non-completion in time of the construction works by the consortium, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB, on Friday evening.

Romgaz first terminated the contract in April but then suspended the termination notice four times in order to continue negotiations with the consortium.

In June 2017, US-based multinational conglomerate General Electric announced that it was awarded an order from the Duro Felguera - Romelectro tie-up for core technology at the Iernut power plant. Unveiled in 2016, the project in Mures county requires investment of 269 million euro ($325 million), of which majority state-owned Romgaz is covering 75% and the government is contributing 25%.

Shares in blue-chip company Romgaz traded 0.98% lower at 30.45 lei ($7.4/ 6.2 euro) by 1433 CET on Tuesday on the Bucharest Stock Exchange.

(1 euro=4.9253 lei)

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