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November 13, 2019

Exxon Mobil and OMV-Petrom to invest up to USD 1 bn in Romania

Exxon Mobil International Limited and OMV-Petrom are going to invest up to USD 1 bn in Romania in the forthcoming period, PM Victor Ponta informed before the Cabinet meeting yesterday, HotNews.ro reports. As ‘Nine O’Clock’ also informed yesterday, the heads of both companies have recently met up with the premier and President Traian Basescu who said he was happy they had decided to stick to their plan of exploration and drilling for energy resources in the Black Sea. At the beginning of the Government meeting, the PM said another EUR 500 M Petrom investment would become operational before the end of the month. In the context, the PM noted the successful Eurobond issue on Tuesday, stating that major banks such as Deutsche Bank, JPMorgan or BNP ParisBas had oversubscribed the issue. ‘It is a positive sign to us as a government, to Romania as an economy (…) coming from where we least expected, from the financial markets,’, ‘extraordinarily welcome during this difficult period not only for Romania, but also for Europe’. OMV Petrom and Exxon Mobil on February 22 announced a significant discovery in the Black Sea, with initial estimations placing the natural gas deposit there at some 42-84 bn cubic metres, which is 3 to 6 times the annual consumption of Romania.

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