Romanian gas producer Romgaz has rejected a proposed 20-year US LNG contract after an internal assessment pointed to potential annual losses ranging from €50 million to €310 million. The estimate depended on the interaction between US and European gas prices. The decision relates to a long-term offer tied to US supply.
Terms of the Atlantic–See LNG Trade proposal
The contract proposal came from the Greek company Atlantic–See LNG Trade. It envisaged LNG deliveries through the Alexandroupoli LNG terminal. Pricing was linked to the US Henry Hub benchmark.
In its December 2025 assessment, Romgaz estimated delivered costs at approximately €33–42/MWh. This was compared with European TTF forward prices of €30–40/MWh for the period 2030–2040. The company’s analysis indicated that the offer would only become attractive under a combination of relatively low US prices and higher European prices.
Cost comparisons and contract duration considerations
The assessment therefore placed the economics of the deal in a narrow price scenario. It also considered the length of the commitment as a factor in the decision. Romgaz said it expects Neptun Deep and other domestic developments to strengthen Romania’s gas supply.
That outlook reduced the rationale for a two-decade import commitment, according to Romgaz’s evaluation. The rejection also fed into a wider political debate over increasing US LNG deliveries through the Vertical Gas Corridor, which connects Greece, Bulgaria and Romania.
Broader regional policy context for US LNG flows
The Vertical Gas Corridor is at the centre of discussions involving cross-border LNG delivery capacity in Southeast Europe. Romgaz’s assessment highlighted a commercial tension between diversification through LNG and the economics of a long-term structure. It cited transport costs, benchmark risk, and prospective domestic production as elements affecting those economics.
