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
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more
Austrian bank Addiko to enter Romanian market with consumer loans first
Addiko Bank, an Austrian financial institution specialising in the consumer and SME sector operating in Central and South-Eastern Europe (CSE), is preparing to launch operations in Romania with the ... more
Moldova’s MAIB announces stronger profit and plans to expand in Romania
Moldova’s Maib bank, which plans to list its shares on the Bucharest Exchange (BVB), has reported an excellent third quarter, with net profit rising by 11% year on year to MDL1.1bn ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
13 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago