GDF SUEZ Energy Romania is increasing its stake in Congaz from 85.77% to 99.72%, following the purchase of the shares held by Petroconst, a construction company based in Constanta, according to a company’s release.
After becoming the majority shareholder in Congaz, in July 2014, GDF SUEZ Energy Romania is increasing its stake in the company through by buying a 13.95% stake held by the largest minority shareholder.
Following this purchase, GDF SUEZ Energy Romania is strengthening its position as the largest distributor and supplier of natural gas on Romania’s regulated market. The group currently serves the portfolio of 1.5 million customers and operates a network of 18,500 km in 18 counties in the south of the country and in Bucharest.
‘This transaction is in line with our ambition to develop the natural gas and energy service activities in Romania, and represents an important step towards the integration of Congaz, allowing consolidation of the position held in Dobrogea area,’ said Eric Stab, Chairman and CEO of GDF SUEZ Energy Romania.
Congaz is a company set up in 1999 for developing the distribution network in the city of Constanta, as well as in other communities in the county. Congaz operates a natural gas distribution network of some 850 km and has a portfolio of 57,000 customers in Constanta County.
GDF SUEZ Group is present in Romania in three main areas: natural gas, electricity, and energy services.