Thursday, January 22, 2009

Romanian Petrom gets 500 mln euros OMV credit line

BUCHAREST, Jan 21 (Reuters) - Romania's top oil and gas firm Petrom SNPP.BX has obtained a five-year revolving credit line worth up to 500 million euros from its owner, Austrian OMV (OMVV.VI), to cover funding needs, the firm said on Wednesday.

"This funding line is part of a larger funding programme agreed in June of last year, necessary to support the company's restructuring and modernisation," Petrom CEO Mariana Gheorghe said in a statement.

In October, Petrom said it arranged a three-year credit line worth roughly 375 million euros from a consortium of five banks.

On Wednesday, Petrom shares on the Bucharest bourse fell 5.6 percent on the day to 0.1690 per share, compared with a multi-year low of 0.1260 hit in October. (Reporting by Luiza Ilie, editing by Will Waterman)

No comments: