Romgaz to pay USD 12 million for joining ExxonMobil and OMV Petrom partnership

The largest natural gas producer in Romania Romgaz will pay an estimated amount exceeding USD 12 million if it decides to join the partnership of Exxon Mobil and OMV Petrom established for the exploitation and development of Midia offshore perimeter of Black Sea, according to the company’s books published prior to listing.

2013-10-21 13:45:24

Though,the amount will be paid if commercial deposits will be discovered in the area. Earlier this year, Romgaz signed an agreement with the two companies that enables Romgaz to purchase 10 percent of Midia area in the Black Sea. Also, Romgaz owns 10 percent of other two perimeters in the Black Sea, in partnership with other two companies, Lukoil with a participation of 72 percent, respectively, Vanco International with 18 percent.

Romgaz is expected tomorrow to trade 15 percent of its stake on BSE, while the some minority shares to be sold on London derivatives market. Last week, the representatives of energy department announced the trading session will start today but, according to the ongoing laws, the listing must occur after a period of two working days between the prospect approve and the start of the listing session.