OMV Petrom approves investment budget of €876.8mn in 2019

By bne IntelliNews April 21, 2019

The general shareholders meeting of Romanian oil and gas company OMV Petrom approved on April 19 an investment budget of RON4.17bn (€876.8mn), the company informed. The shareholders also approved the distribution of dividents for last year amounting to around RON1.53bn.

The majority of the investment planned for this year, around RON3.43bn, is in Upstream. Around RON551mn will be invested in Downstream Oil. The 2019 budget is based on an average Brent price of $70/bbl.

Upstream investment will partly mitigate the natural production decline given field maturity, the company said.

Oil and gas production in Romania, excluding new portfolio optimisation initiatives, is expected to decrease by 4% in 2019 versus 2018. 

The ordinary general shareholders meeting approved the executive board’s proposal to distribute dividends of RON0.027/share for 2018, 35% higher than in the previous year. The total gross value of the dividends accounts for 38% of OMV Petrom Group’s net income attributable to stockholders in 2018. More than RON315mn will go to the Romanian state, which holds 20.6% of OMV Petrom shares through the energy ministry.

Related Articles

Romania’s Hidroelectrica takes first steps towards IPO

Romania's biggest power producer Hidroelectrica launched a call for the acquisition of legal services related to listing its shares on the Bucharest Stock Exchange by an IPO that has been expected ... more

IFC, EBRD buy nearly half of Romania's first covered bonds from Alpha Bank

Alpha Bank Romania announced that it has completed its first covered (mortgage) bond issue worth €200mn with a maturity of five years, a first for the banking market in Romania.  With these ... more

Romania’s Sphera Franchise Group plans to raise €70mn loan

Romanian food service operator Sphera Franchise Group said on April 30 it plans to borrow up to €70mn through a bilateral, syndicated or club loan. Sphera’s portfolio includes brands operated ... more

Dismiss