Romania's Romgaz to seal USD 1 bln takeover of 50% in Neptun Deep next week
The Ministry of Energy, as the majority shareholder of the natural gas producer and supplier Romgaz (BVB: SNG), approved in the general meeting of shareholders on Thursday, April 28, the acquisition of the 50% participation in the Neptun Deep perimeter in the Black Sea from ExxonMobil, according to a note to investors.
The deal will be sealed next week, energy minister Virgil Popescu told public TV station TVR, Economedia.ro reported.
The shareholders have also agreed to contract EUR 325 mln bank loan to finance the transaction.
The deal, worth around USD 1 bln, is going to be the largest transaction in recent years in the energy sector in Romania. The exact value of the transaction is USD 1.06 bln, and Romgaz must provide a USD 106 mln front payment.
The other half of the participation in the Black Sea perimeter Neptun Deep is owned by OMV Petrom, the project's operator.
ExxonMobil, along with OMV Petrom, has already invested USD 1.5 bln in the exploration phase.
andrei@romania-insider.com
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