Romanian state-controlled natural gas company Romgaz (BVB: SNG) announced in a note to investors a EUR 325 mn loan agreement sealed with Raiffeisen Bank. It is aimed at financing part of the acquisition price of Exxon Mobil Exploration and Production Romania Limited - one of the partners of the 50:50 association that holds concession rights over the Neptun Deep offshore project.

The bank loan agreement was signed in accordance with the conditions approved by the shareholder meeting on December 10, 2021.

Romgaz recently summoned its shareholders for April 28 to give the final approval on the USD 1.06 bln deal with ExxonMobil.

The company’s management expects the deal to be completed in the second quarter of this year.

The loan will be repaid within five years in quarterly instalments, according to the terms of the loan agreement agreed by the shareholders on December 10. The actual terms of the deal sealed with Raiffeisen were not specified. 

(Photo: Romgaz Facebook Page)

andrei@romania-insider.com