Loans from EIB and EBRD for Petrom

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Petrom in Bucharest, the largest company in Romania, on Friday will sign loan agreements with the European Bank for Reconstruction and Development (EBRD) and with the European Investment Bank (EIB) to draw some funds with a view to supporting the financing of the electric power station that the company will start building on the platform of the Petrobrazi Refinery, reads daily Ziarul Financiar.

According to the EBRD site, the financing for this project amounts to 200 million euros from the above-mentioned institution, whereas the EIB will allocate 250 million euros, according to the site of the institution mentioned before. The total value of the investment is 500 million euros for installing 860 MW that will work with the gas produced by Petrom itself.

On Friday too the company will publish the results of the first quarter of this year. The financing from the EBRD and the EIB comes in the context in which, starting last year, Petrom accessed several credit lines to be able to support its investments. Thus, late last year, a consortium of banks gave this company a financing line worth 375 million euros.

Shortly afterwards OMV, Petrom’s majority shareholder, granted the company mentioned above 500 million euros in financing. The most recent loan Petrom got was from the EBRD, which placed at the disposal of this company 300 million euros for investments in the environment. In all Petrom accessed credits amounting to about 1.6 billion euros in a few months.

According to the incomes and expenditure budget, Petrom estimates for this year a drop of the turnover by 33 percent down to 11.1 billion lei (2.7 billion euros). However, the company thinks that it will get a net profit similar to the one last year, namely 1.11 billion lei as compared with the 1.022 billion lei in 2008.

According to Petrom documents, the company in question estimates for this year a lower production of oil and natural gas than last year, but also lower sales on the marketing segment.

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