Romania's OMV Petrom gets nod to invest $985 mln in its operations

04/22/2019 6:24:00 AM (GMT)

Romania oil and gas producer OMV Petrom has received a green light from its shareholders to infuse 4.17 billion lei ($985 million) in its operations.

Of the total investment, OMV Petrom will infuse circa $807 million towards upstream operations, which will partly reduce the natural production decline given field maturity.

Additionally, the company is planning to also commit $130 million in downstream oil operations.

Moreso, OMV Petrom noted that its new polyfuel unit at the Petrobrazi refinery has started production following a total investment of $73 million.

OMV Petrom S.A.

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