OMV Petrom’s investment plan for 2017, up by over 80 pc

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OMV Petrom, the largest oil and gas producer in Southeastern Europe, estimates that investments for 2017 will amount to RON 4.56 billion, an increase of 83 percent compared to 2016 (RON 2.49 billion), following the Ordinary General Meeting of Shareholders held on April 25, 2017, as a press release informs.

The main investment focus continues to be on Upstream, for which investments of more than RON 4.15 billion have been budgeted (91 percent of the budget), followed by Downstream Oil, with an investment budget of RON 323 million in 2017.

At the same time, the Ordinary General Meeting of Shareholders approved the Executive Board’s proposal to distribute dividends of RON 0.015/share for 2016. The total gross value of the dividends to be distributed amounts to approximately RON 850 million.

“On February 16, 2017, we presented the Updated Strategy 2021+, which reaffirms the current directions of the company, ensuring continuity in delivering performance. Through this strategy, OMV Petrom is committed to maintaining a strong balance sheet and delivering an attractive dividend for shareholders”, Mariana Gheorghe, CEO of OMV Petrom said.

Not least, the appointment of members to the Supervisory Board for a 4-year mandate has been approved, thus until April 28, 2021. The current composition of the Supervisory Board is: Rainer Seele, Reinhard Florey, Manfred Leitner, Johann Pleininger, Daniel Turnheim, Jochen Weise, Joseph Bernhard Mark Mobius, Radu Cojocaru and Mihai Busuioc (the last two are new members, proposed by the shareholder the Romanian State, through the Energy Ministry).

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