The state company Romgaz (SNG), producer and supplier of natural gas whose shares have doubled this year, is preparing for one of the most important industrial decisions in recent years: the takeover of the Azomureş plant could become official by the end of the year, if the due diligence analyses, located on the last hundred meters, will confirm the feasibility of the transaction. The company is waiting this very week for the first interim report of the consultants. «Yes, we are currently in a due diligence analysis. It is nearing the end. We have two consultants in this process. We have a consultant for technical, economic and environmental due diligence and we have another consultant for legal due diligence. We expect the first interim reports to arrive probably next week. Our plan is to evaluate them and come with the final reports and, if necessary, with a binding offer by the end of the year,» said Gabriela Mareş, Director of Relations International and European Funds at Romgaz, at the teleconference after the Q3/2025 results. A possible takeover of Azomureş, the largest local producer of fertilizers, is seen by the industry as a logical move, given that natural gas represents approximately 70% of production costs for nitrogen-based fertilizers. The gas from the Black Sea, which would be extracted from 2027 through the Neptun Deep project, could be exploited internally, which would mean a competitive advantage for Romgaz, and more stable costs for the combine. After the closure of Azomureş, the Romanian fertilizer market is almost entirely supplied by imports. In addition to economic arguments, analysts also talk about a strategic role of the transaction. The Romanian fertilizer industry has a history of over 70 years, and the restart of Azomureş would mean the continuity of a critical sector for agriculture. However, the potential acquisition does not come without challenges. Azomureş, controlled by the Swiss group Ameropa, had to stop production in recent years due to the steep rise in gas prices, and the financial situation has visibly deteriorated. If at the delisting in 2012 the combined company was valued at 1 billion lei and generated a profit of 240 million lei, last year the company reported losses of 505 million lei, and the debts rose to 1.2 billion lei. Restarting the installations would require significant investments at a time when Romgaz is also preparing for the biggest challenge in its history – entering production in the Black Sea. Azomureş remains today the largest delisting in the history of the Bucharest Stock Exchange, after in 2012 Ameropa withdrew the company from trading at a price of 2.13 lei per share. During the period it was listed, the combined company was one of the most performing companies on the stock exchange, multiplying investors' money more than 100 times. At the same time, during the years of operation at maximum capacity, the combined plant consumed 10% of Romania's gas, being by far the largest industrial consumer.
For other news, analyses, articles and business information in real time, follow NV on WhatsApp Channels