Nova Power & Gas: Memorandum of Understanding on LNG expired without agreement being reached
The Memorandum of Understanding on liquefied natural gas (LNG), signed in Athens in November 2025, expired on 5 February 2026 without an agreement being reached or even a draft contract being drawn up, Nova Power & Gas said in a press release sent to AGERPRES on Friday.
According to the company, it did not take part in discussions on the LNG Vertical Corridor project held over several years by representatives of the states directly concerned.
Nova Power & Gas says it was invited to become a party to the memorandum on 6 November 2025, one day before it was signed in Athens, by representatives of Transgaz, the Romanian Government and the Ministry of Energy, through Secretary of State Cristian Busoi.
'The invitation was presented as a solution to a last-minute situation, as the memorandum was to be signed, alongside the transmission system operator, by a company that imports and exports natural gas. Nova Power & Gas met this profile, having subsidiaries in neighbouring countries and having imported most of its gas from Bulgaria in recent years. Nova received the draft of the memorandum on the afternoon of 6 November, a fact that can be demonstrated through correspondence. The company agreed at the request of representatives of the Romanian Government because it was a non-binding document,' the release reads.
Regarding the quantities of gas provided for in the memorandum, the company says these were intended mainly for transit, based on estimates submitted by other countries, rather than for domestic consumption in Romania.
'In the period following the signing of the memorandum, work was carried out on an estimate of domestic needs, which indicated the quantities and years in which Romania would face a deficit. In the discussions in which Nova Power & Gas participated, imports for domestic consumption would have been made only for the years in which a deficit resulted from the balance between domestic production and consumption, namely the period 2036-2049,' the company said.
Nova Power & Gas also says it did not discuss or offer quantities of US LNG to any other company.
'Romgaz held direct discussions with Atlantic-SEE LNG Trade, discussions in which Nova Power & Gas did not take part,' the press release shows.
Regarding prices, the company claims that gas sourced from US LNG would have been cheaper in 2026 and 2027, according to the first proposal received from the Greek-American consortium.
'Thus, for 2026 and 2027, the price would have been 30-35 euros/MWh, with all transport costs included. On the domestic market, the price is 65 euros/MWh for 2026 and 58 euros/MWh for 2027,' the company said.
Nova Power & Gas stresses that during the memorandum's 90-day validity period, no agreement was reached and not even a draft contract was produced, with the document expiring on 5 February 2026.
The company says it has its own gas-fired power plants and a project to commission a new 160 MW plant, the first stage of which is due to enter operation in December 2026, as well as other power plant projects through 2028 and a broad customer portfolio.
'The company needs gas for its own requirements and has mainly imported gas in recent years, with imports being cheaper than gas on the domestic market. The company is continuing discussions with other US traders to import LNG for its own requirements via the Greece-Bulgaria route, as is also being done by other companies in Romania,' the release also says.
Nova Power & Gas says it can also provide, upon request, other documents which, according to the company, attest to its good faith and conduct in connection with the memorandum.
Earlier, on 28 September, Romgaz issued a series of clarifications amid information appearing in the public domain regarding possible purchases of liquefied natural gas (LNG), stressing that no Romanian state official had exerted pressure on the company's management to conclude any gas purchase or sale contract.
'To avoid any misunderstanding that may be caused by certain information appearing in the public domain regarding the purchase of liquefied natural gas LNG by Romgaz, we clarify that no Romanian state official exerted pressure to induce Romgaz's management to conclude any gas purchase or sale contract, regardless of the source, including LNG,' the company said.
Romgaz also said that assessing commercial opportunities and taking any potential purchasing decisions fell exclusively within the company's corporate decision-making mechanisms and were based on the applicable economic, commercial and strategic criteria.
'Any decision regarding the execution of a commercial transaction is based on economic, commercial and strategic feasibility criteria, taking into account market conditions, associated risks, the company's needs and its development objectives, in compliance with corporate governance mechanisms and the applicable approval powers,' the Romgaz press release reads.
The company said it would continue to assess opportunities in the natural gas market, including LNG, exclusively in terms of the company's interests and the relevant economic, commercial and strategic criteria. AGERPRES (RO - writing by: Nicoleta Banciu; EN - writing by: Adina Panaitescu)
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