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Petrom gets financing line of up to 500 million euros, from OMV

Petrom Co has got a financing line, of revolving type, amounting to around 500 million euros, from its main shareholder OMV, said a press release sent to the Bucharest Stock Exchange (BVB).

The financing line, granted for five years, will be used for the financial needs of Petrom.

'The line is part of a wider funding programme, set last June, necessary for the restructuring and upgrading of the company. Our objectives related to the development of the company are very ambitious, and the investments are matchingthem, ' said Petrom executive manager Mariana Gheorghe.

According to the release, in the past three years and nine months, Petrom has invested 3.56 billion euros. The projects underway are aimed both at the sustainable growth of the company and at security in Romania's energy supply.

The most important targets on a medium term include the stabilization of the production of crude oil and natural gas of Romania, the turning of Petrobrazi refinery, southern Romania, into the most modern refinery in South-Eastern Europe, and the building of a gas-fired station of some 860 MW generating power. Also, the company is assessing ways to diversify the energy sources and develop its own capacities for the storage of gas.

Petrom posted 2.29 billion lei in net profit in the first nine months last year, surging 48 percent from the same period in 2007.

 

Sursa: http://www.rompress.ro

Tags: petrom euros financing bvb

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