Petre Ion Vaduva resigns from the position of general director at Transgaz because of personal reasons, but will continue the non-executive administrator mandate, while Ion Sterian will be appointed as interim general director, according to a release published Bucharest Stock Exchange site.

„In the meeting of 16.05.2017, the Administration Council of SNTGN Transgaz SA was informed about the declaration of  resignation as general director of Petre Ion Vaduva, function that stopped on 03.05.2017. Until the finalization of the selection procedure, the Administration Council of SNTGN Transgaz SA appointed Ion Sterian as interim general director,” says the release.

Also, Sterian is no longer a member of the consultancy commitee, being replaced by Vaduva.

The National Company of Natural Gases Transgaz Medias posted a net profit of RON 320.13 million in the first quarter of this year, a 86 percent growth compared with the same period of 2016, according to the quarterly report of the company sent to Bucharest Stock Exchange (BVB).

The revenues from the exploitation activity amounted to RON 638.6 million, a growth by 37 percent compared with the first quarter of 2016 and the exploitation expenses amounted to RON 266.6 million, climbing by 2 percent.

The company is listed on the Bucharest Stock Exchange since 2011 and has a capitalization of RON 4.9 billion.

A stake of 58.5 percent of the Transgaz shares is owned by the Romanian state and 41.49 percent by other shareholders (free-float).