The shareholders of OMV Petrom (SNP) oil company have approved a record high investment budget for this year, worth 6.9bn RON (1.6bn euros), around 70% higher than in 2009. To finance investments, the company is trying to raise 600m euros from shareholders after it secured financing mainly through banking loans and a subordinated loan from its majority shareholder, Austria's OMV group, last year. The biggest investments, accounting for around 51% in the total budget, have been earmarked for the exploration and production segment, as the company is trying to halt crude oil and gas production decline. A quarter of the investment budget has been allotted to the gas and energy segment, with major projects including the finalisation of Brazi electrical power station, which runs on gas, and the construction of some windmills in a recently acquired farm in Dobrogea. The refining segment will get smaller investments this year as the company is trying to reduce its refining capacities, after closing Arpechim.
The shareholders of OMV Petrom (SNP) oil company have approved a record high investment budget for this year, worth 6.9bn RON (1.6bn euros), around 70% higher than in 2009. To finance investments, the company is trying to raise 600m euros from shareholders after it secured financing mainly through banking loans and a subordinated loan from its majority shareholder, Austria's OMV group, last year. The biggest investments, accounting for around 51% in the total budget, have been earmarked for the exploration and production segment, as the company is trying to halt crude oil and gas production decline. A quarter of the investment budget has been allotted to the gas and energy segment, with major projects including the finalisation of Brazi electrical power station, which runs on gas, and the construction of some windmills in a recently acquired farm in Dobrogea. T
