Deloitte Romania assisted Romgaz, the largest natural gas producer in Romania, owned 70 percent by the Romanian state, in obtaining the 325 million Euro loan from Raiffeisen Bank. The loan will be used to partially finance the takeover of Exxon Mobile Exploration and Production Romania Limited (EMEPRL) shares, which account for 50 percent of the Neptun Deep Black Sea gas project. The loan facility was granted for a period of five years and is correlated with the overall financial performance of Romgaz.

“This agreement represents the first stage of financing necessary for Romgaz in the context of the Neptun Deep project and, following the completion of the acquisition transaction of EMEPRL shares, we will initiate the necessary formalities for ensuring the future financing needed by the Romgaz group for the development of the Neptun Deep project,” said Razvan Popescu, Economic Director, Romgaz.

Deloitte Romania’s financial advisory practice provided assistance in identifying the necessary financing sources and in the process of obtaining the loan from Raiffeisen Bank. The team involved was made of Radu Dumitrescu, Financial Advisory Partner-in-Charge, Florin Paunescu, Director, who coordinated the entire assistance project in obtaining funding, Marius Vasilescu, Director, Angelos Fragkos, Manager Ruxandra Vasile, Associate, and Mihai Gradinescu, Associate.

Romgaz announced that, after the completion of this transaction, aims to develop and exploit the deposits with commercial potential in the Neptun Deep perimeter in the shortest possible time and that additional financing will be needed for these stages.