Romgaz took out a 325 million euro credit from Raiffeisen Bank to partially finance the acquisition of ExxonMobil Romania, according to a release of the company, sent, on Wednesday, to the Bucharest Stock Exchange.Romgaz will use the loan to partially finance the acquisition price that will be paid for all the shares issued by ExxonMobil Exploration and Production Romania Limited (EMEPRL), which owns 50% of the rights and obligations regarding the Neptun Deep perimeter.The loan facility worth 325 million euro has a deadline of five years and is correlated with the general financial performance of Romgaz. The facility, in which Raiffeisen Bank acts as creditor, offers Romgaz the financing for its resource development plan, covering part of the acquisition price of all shares issued by EMEPRL."The signing of this financing contract is necessary to realize an important step assumed in the Romgaz strategy for development for the 2021-2030 period, namely the finalization of the acquisition of the EMEPRL shares, owner of 50% of the rights and obligations regarding the Neptun Deep perimeter. It is a first step that proves our determination to maintain Romgaz as the most important player in the gas market in Romania and will position us strategically in the current geopolitical context. The development and exploitation, as soon as possible, of the deposits with commercial potential in the Neptun Deep perimeter will ensure the adding of considerable volumes to the production of natural gas of Romania which will support, without a doubt, security in the natural gas supply of the country," said the general director of Romgaz, Aristotel Jude.The closing of the financing contract was facilitated by the legal support of law firms Dentons, representing Romgaz, and Wolf Theiss, acting for creditor Raiffeisen Bank.Presently, ExxonMobil and OMV Petrom are equal partners in the deep sea project Neptun Deep, where exploration has revealed gas deposits estimated at 42-84 billion cubic meters.
Ten non-governmental organizations in Romania have issued a joint letter criticizing the executive for the emergency ordinance adopted on Thursday, January 16, which provides sanctions, including a turnover tax, for social media giants that fail to obey rules regarding electoral ads. Another government measure under fire from the opposition limits voting in the diaspora according […]
Dacia, part of the French Renault group, will launch several electric models to compete with Chinese brands for the affordable EV car market in Europe. The first electric model will be the next Sandero, which will appear sometime at the end of 2027, the brand's director, Denis Le Vot, said on Thursday, according to Reuters. […]
Happy 2025, dear Insiders, may it be a good year! And let it start with classics, some universal, some underground. Italian director Federico Fellini is one of the biggest names in the history of the medium. To say he was very influential is an understatement. He has his own adjective (Fellini-esque) while scenes from his […]
Romanian national airline Tarom announced the establishment of a new company, Tarom Tehnic, dedicated to providing maintenance and repair services for civilian aircraft, specializing in Boeing, Airbus, and ATR models. The new company is expected to generate revenues of up to EUR 10 million in its first year of operation, according to estimates from the […]
Romania has been named the special guest country at the 2026 Cairo International Book Fair, the Ministry of Culture announced. The event will coincide with the celebration of 120 years of Romanian-Egyptian diplomatic relations. According to the ministry, the news was shared by Dr. Ahmed Fouad Hano, Egypt's minister of culture, during a press conference […]
Bucharest has started implementing a special recycling project that directly benefits stray animals. In Tineretului, Floreasca, and Circului parks, eco-friendly vending machines have been installed to provide food and water for stray cats in exchange for recycling bottles and aluminum cans. “Street cats lead a hard life, especially in winter. Food is essential for their […]
