Romania's Romgaz ponders loan and bonds for Neptun Deep offshore project

Romanian state-controlled natural gas group Romgaz considers a mix of financing to include a syndicated loan and bond issuance, in addition to own resources, to finance the takeover of the 50% stake in Neptun Deep offshore project from ExxonMobil and subsequent investments, said the company's economic director, Razvan Popescu.

He added that "the appetite for financing Neptun Deep [project] was unexpectedly high, even for us, both from the Romanian and foreign banking consortia," Economica.net reported.

He also confirmed that discussions had begun with the rating agencies on the rating issue and explained that the company needs a rating from two agencies to issue bonds.

Asked about the partner that will operate the project, Romgaz general manager Aristotel Jude avoided giving a direct answer.

Romgaz announced on April 1 that it submitted an offer to take over Exxon's local subsidiary that owns half of the Neptun Deep block in the Black Sea. ExxonMobil was the project operator, with OMV Petrom holding the other 50% in the project.

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