Oil & gas group Serinus Energy, owner of the oil company Winstar Satu Mare, has borrowed EUR 10 million from the European Bank for Reconstruction and Development (EBRD) to finance its operations in Romania.

The company’s cash reserves were affected by restrictions in Ukraine and the drop in the price of raw materials.

Serinus has a 2,949 square kilometers exploration perimeter in Satu Mare, northern Romania, operated by Winstar Satu Mare, which owns 60% of the concession. KMG International, the former Rompetrol, holds the other 40%.

The loan will help the company finance its operations in the Satu Mare perimeter, said Tim Elliott, CEO of Serinus Energy, cited by local Ziarul Financiar.

The company will repay it in 10 semiannual installments.

editor@romania-insider.com