Romgaz Will Spend $177 Million to Lift Storage Capacity, ZF Says

Romgaz SA, Romania’s state-owned natural-gas company, plans to invest 135 million euros ($177 million) to raise storage capacity in the next three years, Ziarul Financiar reported, citing Deputy Manager Lucian Stancu.

Romgaz wants to increase storage capacity to about 3 billion cubic meters by 2015, from the current 2.8 billion, to cope with rising consumption, the newspaper said.

Romania’s gas consumption reached a record high of 72.7 million cubic meters on Feb. 1, Ziarul Financiar said.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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