Romgaz-ExxonMobil deal delayed until ownership details are settled

The sale of a 50% stake in Neptun Deep Black Sea offshore perimeter between the state-controlled company Romgaz (the buyer) and ExxonMobil (the seller) is temporarily blocked due to a controversy related to the fact that the American company holds the operating license through a vehicle registered in the Bahamas and not in Romania, government sources told Economedia.

At the moment, the two sides are looking for a solution to speed up the EUR 1 bln deal, according to Romania-Insider.com.

Romgaz shareholders had approved the transaction since December 10, 2021, and the market expected the documents to be signed quickly. Romgaz also approved a EUR 325 mln loan to cover part of the acquisition amount.

The Romanian Government is waiting for the conclusion of the Romgaz-ExxonMobil transaction to send the draft Offshore Law to the Parliament. This law is key because it will unblock OMV Petrom’s final investment decision in this project.

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