Fitch Ratings has affirmed S.N.G.N. Romgaz S.A.’s Long-Term Issuer Default Rating at ‘BBB-‘ with a Negative Outlook, reflecting the company’s financial performance and ongoing developments at the Neptun Deep project. The Negative Outlook aligns with Romania’s sovereign rating outlook, indicating that a potential downgrade of Romania would also impact Romgaz.

Key highlights include:

– **Neptun Deep Project**: This transformative offshore project in the Black Sea is set to boost Romgaz’s production significantly and enhance Romania’s energy independence. With a capital expenditure plan of up to EUR 4 billion, production is expected to peak at around 8 billion cubic meters annually by 2027.

– **Financial Management**: While Romgaz traditionally operates with net cash, leverage is projected to rise due to the expansive capex, before declining post-2027 as new projects ramp up EBITDA.

– **Government Oversight**: The Romanian government’s substantial ownership (70%) ensures robust decision-making and oversight, affirming Romgaz’s crucial role in national energy security and economic stability.

Romgaz’s strategic initiatives and solid market position underscore its importance in the energy sector, despite challenges from production scale and asset aging.

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