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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

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Romgaz to double indebtedness for taking over Black Sea offshore project stake

Romanian state-controlled natural gas company Romgaz confirmed in a note to investors that it initiated a non-binding process with a view to obtain offers for financing in the amount of RON 1.6 bln (EUR 320 mln) or the equivalent in euros.

Notably, the amount of RON 1.6 bln exceeds the total current debts of Romgaz, which amount to about RON 1.35 bln at the end of June 2021.

At the same moment, Romgaz was carrying in its balance sheets bank deposits bought government securities with a total value of over RON 3.2 bln.

The purpose of the would-be RON 1.6 bln loan is “covering a portion of the acquisition of 100% in ExxonMobil Exploration and Production Romania Holdings Ltd and consolidating its current working capital,” according to the company’s statement.

The financing contract will be completed, however, only after the negotiations with Exxon completes, it is approved by Romgaz shareholders, and then the financing loan is endorsed by the shareholders.

Rumours about such negotiations with a syndicate of banks have been circulated by the media.

Also, according to sources familiar with the negotiations, the price envisaged by Exxon for the 50% stake in Neptun Deep offshore perimeter - controlled through the investment vehicle subject of the negotiations with Romgaz, is up to EUR 1 bln.

(Photo: Romgaz Facebook Page)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

The Capital Markets News section is sponsored by the Bucharest Stock Exchange 

 

BSE

 

 

Romgaz to double indebtedness for taking over Black Sea offshore project stake

Romanian state-controlled natural gas company Romgaz confirmed in a note to investors that it initiated a non-binding process with a view to obtain offers for financing in the amount of RON 1.6 bln (EUR 320 mln) or the equivalent in euros.

Notably, the amount of RON 1.6 bln exceeds the total current debts of Romgaz, which amount to about RON 1.35 bln at the end of June 2021.

At the same moment, Romgaz was carrying in its balance sheets bank deposits bought government securities with a total value of over RON 3.2 bln.

The purpose of the would-be RON 1.6 bln loan is “covering a portion of the acquisition of 100% in ExxonMobil Exploration and Production Romania Holdings Ltd and consolidating its current working capital,” according to the company’s statement.

The financing contract will be completed, however, only after the negotiations with Exxon completes, it is approved by Romgaz shareholders, and then the financing loan is endorsed by the shareholders.

Rumours about such negotiations with a syndicate of banks have been circulated by the media.

Also, according to sources familiar with the negotiations, the price envisaged by Exxon for the 50% stake in Neptun Deep offshore perimeter - controlled through the investment vehicle subject of the negotiations with Romgaz, is up to EUR 1 bln.

(Photo: Romgaz Facebook Page)

andrei@romania-insider.com

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