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.
More than 680 houses in Suceava country and 170 houses in Neamţ county were impacted in the flash floods that hit northeastern Romania at the end of last week. Forty-one houses were completely destroyed, Raed Arafat, the head of the Department for Emergency Situations (DSU), announced on Friday, August 1. Three people were killed in […]
Romanian justice minister Radu Marinescu said on Thursday, July 31, that harsher penalties are being considered for violence against women and domestic violence, including the criminalization of femicide. The minister said that Romania currently has legislation that is fairly adequate, in line with European standards, for combating violence, including domestic violence. He also said that […]
Via Transilvanica, the long-distance trail that crosses the country, will apply to be the first accredited long-distance route in Romania after the government issued the methodological norms regulating the hiking trails of national interest. Tășuleasa Social, the non-profit that developed the trail, called the recently issued norms "a huge step that transforms a bold idea into...
Former prime minister and Social Democratic leader Marcel Ciolacu stated that he does not rule out a candidacy for the presidency of the Buzău County Council, after rumors to that end. PSD Buzău president Romeo Lungu had previously told journalists that discussions are underway for the former prime minister to run for the Buzău County […]
The Balneo-Physiotherapy Clinic in the Călimănești resort town, southern Romania, will undergo rehabilitation with a EUR 10 million financing from the European Union, according to representatives of the Vâlcea County Council. The project implementation period will be 24 months from the completion of the tender for the execution of the works, which include, in addition […]
Bringo, the first personal shopper-based rapid grocery delivery service in Romania, handling over 4,000 daily orders in more than 35 cities, launches a loyalty program that turns shopping into a continuous reward experience. "Beyond functional benefits like discounts, free delivery, or double refunds for SGR packaging collected right at your doorstep, Bringo YOU offers a […]
