Moldovagaz shareholders decide to use upcoming years’ revenues to cover 2015 losses

Chisinau, 27 May /MOLDPRES/-The general meeting of Moldovagaz shareholders decided today to use a part of the upcoming years’ revenues to cover the losses caused in 2015. According to its financial report, Moldovagaz natural gas supplier suffered losses accounting to 3.1 billion lei in 2015.

Economic-financial losses “are caused by the depreciation of the national currency, especially by the negative difference in the exchange rate, associated to the natural gas historical debt. They are also caused by the unprofitable tariff policy of the National Agency for Energy Regulation (ANRE), expressed through its failure to the revise natural gas tariffs during 2011-2015, as well as by the heating and power debts,” a report by Moldovagaz, published in April, reads.

According to a press release of the company, participants in today’s general meeting examined the company’s activity in 2015 and took decisions related to its proper functioning in 2016.

During the meeting, shareholders took note of the company’s financial report for 2015 and approved 2015 annual reports of the company’s leadership structures, such as the Administration Council, Censor Committee and Moldovagaz Council of Observers. Also today, shareholders elected the members of Moldovagaz Council of Observers.

The shareholders also confirmed the audit company in charge of carrying out the obligatory annual assessment of Moldovagaz financial reports for 2016.

(Reporter V. Bercu, Editor L. Alcaza)