11 Mai 2009
Petrom borrows 400 million euros from EIB and EBRD to fund the construction of Brazi power plant
Petrom sealed agreement with European Investment Bank and European Bank for Reconstruction and Development for two corporate senior unsecured loans of 200 million euros each with 12-year maturity in an effort to fund the construction of a new power plant in Brazi.
“For the two loans, we are practically completing the funding process agreed in 2008, which together with the loan from OMV and the cash flow generated by the company will secure the required resource to meet out objectives for 2009-2010. The two loans from EIB and EBRD will serve as long-term financing for the Greenfield power plant in Brazi of 860 MW which costs over 500 million euros and which will provide 9% of the country’s power production”, said the CEO of Petrom, Mariana Gheorghe.
Up to twenty percent of the power produced will go to Petrom for internal use, and the remaining will be sold on the electricity market. The project requires the construction of a 30km gas pipeline to deliver gas to the power plant and a high voltage power line to deliver power to the national grid.
Petrom has borrowed another 1.175 billion euros since October both from banks and from its majority shareholder, OMV.
Petrom contracted a 300 mln euros corporate unsecured loan on March 31 from European Bank for Reconstruction and Development. The loan will be used to establish new environmental, health and safety standards.
In January 21, 2009, Petrom announced through a press release remitted to Bucharest Stock Exchange that its had obtained a five-year revolving credit line from its majority shareholder, OMV.
In October 2008, the oil company arranged a 3-year multi-currency credit line of 375 million euros, this being the one of the largest loans ever granted to a local company, which exceeds even the financing package got by RCS&RDS in 2007. The loan was granted by a consortium of banks: UniCredit Bank Austria AG, Credit Agricole Luxemburg S.A., Erste Group Bank AG, Raiffeisen Zentralbank Österreich AG and Société Générale Bank&Trust (SGBT).
With activities in the business segments of Exploration and Production, Refining, Marketing as well as Gas, Petrom has proved oil and gas reserves of 940 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and
269 filling stations in Moldova, Bulgaria and Serbia.
Austria’s OMV Group owns a majority equity position of 51.01% in Petrom. The Ministry of Economy holds 20.64%, Fondul Proprietatea SA – 20.11% and 8.24% owned by minority shareholders.
Up to twenty percent of the power produced will go to Petrom for internal use, and the remaining will be sold on the electricity market. The project requires the construction of a 30km gas pipeline to deliver gas to the power plant and a high voltage power line to deliver power to the national grid.
Petrom has borrowed another 1.175 billion euros since October both from banks and from its majority shareholder, OMV.
Petrom contracted a 300 mln euros corporate unsecured loan on March 31 from European Bank for Reconstruction and Development. The loan will be used to establish new environmental, health and safety standards.
In January 21, 2009, Petrom announced through a press release remitted to Bucharest Stock Exchange that its had obtained a five-year revolving credit line from its majority shareholder, OMV.
In October 2008, the oil company arranged a 3-year multi-currency credit line of 375 million euros, this being the one of the largest loans ever granted to a local company, which exceeds even the financing package got by RCS&RDS in 2007. The loan was granted by a consortium of banks: UniCredit Bank Austria AG, Credit Agricole Luxemburg S.A., Erste Group Bank AG, Raiffeisen Zentralbank Österreich AG and Société Générale Bank&Trust (SGBT).
With activities in the business segments of Exploration and Production, Refining, Marketing as well as Gas, Petrom has proved oil and gas reserves of 940 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and
269 filling stations in Moldova, Bulgaria and Serbia.
Austria’s OMV Group owns a majority equity position of 51.01% in Petrom. The Ministry of Economy holds 20.64%, Fondul Proprietatea SA – 20.11% and 8.24% owned by minority shareholders.