Hogan Lovells advises Romgaz on its inaugural issuance of notes worth €500 million under its €1.5 billion EMTN Programme

Press releases | 21 October 2024

Global law firm Hogan Lovells has advised the state-owned natural gas producer Societatea Națională de Gaze Naturale “Romgaz” SA, the largest gas supplier in Romania, on the establishment of its €1.5 billion EMTN Programme listed on the Luxembourg Stock Exchange and its inaugural issuance of 5-year notes of €500 million with a dual listing on the Luxembourg and Bucharest stock exchanges. The proceeds of this issuance will be used to support Romgaz’s investment plans for its natural gas project in the Black Sea, Neptun Deep, and transitioning to become a low-carbon company.

Fitch has assigned the notes and Romgaz’s EMTN programme BBB- senior unsecured ratings, with a stable outlook.

Romgaz plays a pivotal role in Romania's energy landscape controlling 52% of domestic gas production and providing over 90% of the country’s underground gas storage capacity.

Romgaz’s future growth is closely tied to its offshore operations, especially the Neptun Deep Black Sea offshore block. The project, a 50-50 joint venture with OMV Petrom, a Romanian subsidiary of Austrian OMV which will make Romania the largest gas producing country in Europe, bringing energy security to Romania and the region as part of Romgaz’s diverse portfolio, which extends beyond offshore development to onshore projects and renewable energy.

The success of this inaugural issuance of notes under its EMTN Programme has consolidated Romgaz’s position as a

strategic player in the regional energy sector.

The Hogan Lovells team was led by partner Sina Hekmat (New York, Frankfurt) and Counsel Reza Mulligan (Paris, London).