Romanian oil and gas company OMV Petrom (symbol SNP) has decided to distribute dividends worth some EUR 245.7 million out of last year's profit, with a value per dividend staying at RON 0.0177. OMV Petrom's shares were trading on the Bucharest Stock Exchange at a price of RON 0.43 based on the last transactions. The shares have been suspended while the company had its general shareholders' meeting.

The shareholders have also decided on an investment budget of EUR 1.2 billion for this year, similarly to last year. 67 percent of this budget will go to exploration and production, while refining and marketing will get 21 percent, with 9 percent put aside for gas and energy. The company's shareholders have also approved the naming of Manfred Leitner as a new member in its board.

Petrom posted a turnover of EUR 4.4 billion in 2010 while its profit before taxes stood at EUR 709 million. The company is owned by Austrian OMV, with 51 percent of the shares. Romania’s Economy Ministry holds a 20.64 percent share package, Fondul Proprietatea owns 20.11 percent, the European Bank for Reconstruction and Development, some 2 percent, and 6.21 are free floating on the Bucharest Stock Exchange.

The state wants to sell 9.84 percent of its shares in OMV Petrom. The secondary offer, estimated at EUR 510 million, based on the most recent share price on the Bucharest Stock exchange, will be the biggest in the history of the BSE and is expected to happen towards the end of May.

editor@romania-insider.com