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.
Romania was formally designated the 43rd country to join the US Visa Waiver Program (VWP) on Friday, January 10. According to the Romanian ambassador to Washington, Andrei Muraru, Romanian citizens will be able to travel to the US without the need for a visa starting March 31, 2025. "Romania becomes the first country in the […]
Cluj-Napoca, the city in Romania with some of the highest rents and a fast-growing IT industry, is closer to banning smoking in playgrounds and parks after mayor Emil Boc expressed his support for the measure. The mayor cited the prioritization of public health as the reason behind such a ban. He mentioned that he has […]
Romania's Sibiu County Emergency Clinical Hospital will receive a robotic system to prepare cytostatic drugs needed by cancer patients, along with other equipment, after the County Council obtained funds from the European Regional Development Fund. With an estimated value of EUR 1 million, the "Robotic Composition System for Sterile Preparations of Cytostatic Drugs" is among […]
Romania’s government adopted in its January 10 meeting a decision granting an extra day off to public sector employees at the beginning of May. Thus, Friday, May 2, will be an official day off for public sector workers, linking the legal holiday of May 1 (Labor Day) with the weekend (May 3-4). This...
The Ministry of Environment announced that 2024 was the hottest year in the history of Romania's meteorological records. Red alerts for heat waves began in June of 2024, with the longest consecutive periods of persistent and intense heat waves, six consecutive days, between July 13-18 and August 15-20. "The year 2024 is the hottest year...
Supporters of former presidential candidate Călin Georgescu gathered outside the Parliament Palace in Bucharest, which houses the Constitutional Court, on January 10, demanding a rerun of the second round of the presidential elections. The protest, dubbed "The Great Judicial Union," was initiated by Georgescu, who called on his supporters to challenge the election annulment, as […]
