The management of Romanian state-controlled natural gas company Romgaz summoned for April 28 the representatives of the shareholders to endorse, once again, the USD 1.06 bln deal with ExxonMobil involving half of the offshore perimeter Neptun Deep in the Black Sea, the company announced in a note to investors. The company’s management estimates that the completion of the transaction will occur in the second quarter of the current year. The production will not begin before 2026, energy minister Virgil Popescu estimated, commenting on the development. Shareholders’ explicit approval is needed for a second time because, since the previous consent, certain clauses of the sale-purchase agreement were adjusted - especially in the sense of covering in favour of Romgaz of certain tax risks - the management explained. According to sources familiar with the deal consulted by Profit.ro, those tax risks are related to the obligation to pay a share transaction tax in the Bahamas, where Exxon’s investment vehicle subject to the deal is registered. The price of the deal was maintained at USD 1.06 bln, which can be positively adjusted by a maximum of USD 10 mln, while a negative price adjustment is not limited. Upon signing the sale-purchase agreement, Romgaz will have the obligation to pay the sellers an amount equal to USD 106 mln representing an advance payment/deposit. After satisfying the conditions precedent required to complete the transaction, as stipulated in the sale-purchase agreement, Romgaz shall pay the amount representing the difference between the acquisition price and the advance payment/deposit paid upon signing the sale-purchase agreement.
Céline Gauer, the director general of the Recovery and Resilience Task Force (or RECOVER) at the European Commission, arrived in Romania on Tuesday, July 15, to meet with officials regarding the implementation of the National Recovery and Resilience Plan, or PNRR. As the coordinator of the PNRR, which offers funding in the form of advantageous […]
Aluminium producer ALRO, a subsidiary of Vimetco PLC from Cyprus, celebrated 28 years on the Romanian stock exchange (BVB) and 60 years of uninterrupted industrial activity. Its market capitalization has increased nearly 21 times since its listing and now exceeds RON 1 billion. The company’s history began with the first batch of Romanian aluminium, on June […]
Something is quietly shifting in Romania. In places where paperwork, patchy Wi-Fi, and long queues once ruled, change is starting to show. Towns are more connected, cities are getting smarter, and essential services are beginning to live online, not in line. A tidal wave of digitisation is common to other areas of the globe, that’s […]
Several segments in Romania's A7 and A8 highway projects have lost funding from the National Recovery and Resilience Plan (PNRR) due to project delays, the minister of investments and European projects, Dragoș Pîslaru, announced on Tuesday, July 15, as reported by Biziday.ro. He did not specify which segments of these highways were affected. The statement […]
Real estate developer Redport and businessman Dan Șucu officially inaugurated the showroom for their latest residential project, Vitality Est, and announced the start of construction work on the site near Pantelimon Park and Lake in eastern Bucharest. The project, estimated at EUR 50 million, will include 500 apartments and 400 square meters of commercial space. […]
According to an analysis from real estate consultant Colliers based on National Bank of Romania data, Romanians spent more than EUR 3 billion on international travel in the first four months of 2025, 15% more than in the same period of 2024. If the current pace continues, Romanians’ spending on foreign holidays and business travel […]
