A quarter of Romanian oil and gas group OMV Petrom's total investments in 2018 went into a capital increase at its subsidiary in Kazakhstan, Kom Munai, Profit.ro reported.

This represents RON 1.36 billion (EUR 292 million) out of a total investment budget of RON 5.5 billion (nearly EUR 1.2 billion).

OMV Petrom’s total investments were 56% higher in 2018 compared to 2017. In addition to the capital increase, in 2018, OMV Petrom acquired the remaining 5% minority interest in Kom Munai, for RON 1.01 million (EUR 217,000), increasing its holding to 100%.

In the previous year, 2017, OMV Petrom used RON 602.5 million (EUR 129 mln) to raise the share capital of its other Kazakhstan branch, Tasbulat Oil Corporation.

The operations in Kazakhstan account for just over 8% of OMV Petrom’s oil production. In Kazakhstan, OMV Petrom holds development and production licenses for the TOC (Tasbulat, Aktas, and Turkmenoi) oil fields and the Komsomolskoe oilfield. In 2018, OMV Petrom's average oil and gas production in Kazakhstan was 6,800 barrels equivalent of oil per day, compared to 7,000 in 2017.

(Photo: Pixabay)

editor@romania-insider.com