Moldovagaz

Stock performance

History

Moldovagaz was set up in 1999 as a joint venture in which Russia's Gazprom holds the largest stake, 50%, alongside the Moldovan government and the authorities of the breakaway Transnistria region. For two decades it was Moldova's sole gas importer, buying all its gas from Gazprom.

Business model

Moldovagaz and its subsidiaries distribute natural gas to households and businesses. Since Gazprom cut supplies to the government-controlled part of Moldova in late 2022, the country has bought gas on European markets through the state company Energocom, while Gazprom's remaining deliveries to Transnistria stopped when transit through Ukraine ended in January 2025.

Market position

Moldovagaz remains Moldova's main gas distribution company, though its role as importer has been largely taken over by other suppliers.

Country impact

Moldova's dependence on Russian gas, managed through Moldovagaz, was long a source of political leverage for Moscow; the 2022 energy crisis, which sent prices and inflation soaring, pushed the country to diversify supplies and integrate with the EU energy market.