EBRD Approves EUR300M Loan To Romania’s Petrom

The loan consists of an up to EUR150 million loan and another up to EUR150 million loan to be syndicated to commercial banks.

 

On April 21, EBRD Board will also decide on granting Petrom a EUR200 million loan to finance the construction of Brazi thermal plant, evaluated at EUR500 million.

 

In February, European Investment Bank approved a EUR250 million loan for the oil company, also for Brazi thermal plant.

 

Late January, Petrom announced it got an up to EUR500 million revolving loan from its majority shareholder, Austria’s OMV, for current financial needs.

 

Petrom contracted in October a EUR375 million loan, which is to be returned in 3 years, for its current financial needs and investments. The loan was granted by a group of banks which are also operating on the Romanian market: Unicredit Bank Austria AG, Credit Agricole Luxemburg S.A., Erste Group Bank AG, Raiffeisen Zentralbank Österreich AG and Societe Generale Bank & Trust (SGBT).

 

Petrom is the largest company in Romania and has proved oil and gas reserves of 894 million barrels of oil equivalent, and a maximum refining capacity of 8 million tons per year.

 

Petrom is 51% owned by Austria’s OMV A.G. and is traded on the Bucharest Stock Exchange.

 

At around 1229 GMT Monday, Petrom shares were traded at RON0.145, down 5.23% on the day.