OMV Petrom shareholders get dividends despite plummeting oil prices

The shareholders of Romanian oil and gas group OMV Petrom approved the distribution of dividends in gross value of approximately RON 1.76 billion (EUR 360 million), representing 48% of the 2019 net profit.

Approximately RON 362 mln (EUR 75 mln) will go to the Romanian state, which holds a minority stake of over 20.6% in the company.

Austrian group OMV, which holds the 51% majority stake in the company, will get close to RON 900 mln (EUR 185 mln).

"We have maintained our proposal to distribute dividends, despite the pressure our industry is facing in the context of the coronavirus pandemic and the sharp fall in oil prices. The approved dividend reflects OMV Petrom's 2019 performance. In this difficult period, we maintain our commitments to our shareholders - including the Romanian state," said Christina Verchere, CEO of OMV Petrom.

From 2005 (when it was privatized) until 2019, OMV Petrom distributed to the Romanian state dividends amounting to approximately RON 3 bln (over EUR 600 mln at current exchange rates).

(Photo courtesy of the company)