OMV denies rumours about plans to sell Romanian subsidiary Petrom

The CEO of the Austrian group OMV, Alfred Stern, confirmed on Friday, October 29, in response to speculations circulated recently by Austrian media, that there is no plan to sell the Romanian division, Petrom, local Agerpres reported quoting APA.

Stern also declined to comment on rumours of a possible sale of OMV's stake in the Black Sea Neptune gas project after its partner ExxonMobil sold its stake in Romgaz.

Speaking of the offshore project in Romania's Black Sea, he reiterated that the Austrian group is waiting for an amendment to the Offshore Law from the Romanian Government before making a final investment decision.

"Offshore Law amendment by year-end is critical for the Neptun Deep gas to be extracted. In the context of a steep natural decline in domestic gas production, we see Black Sea gas as the solution for securing Romania's energy independence," the quarterly report of OMV Petrom reads.

ExxonMobil (Romgaz, after the deal is completed) and OMV Petrom are equal partners in the deep Neptun Deep project, where exploration has revealed deposits estimated at 42-84 billion cubic meters.

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