Approval of 2019 budget for OMV Petrom SA
The Ordinary General Meeting of Shareholders approved the OMV Petrom S.A. budget for 2019. Investments are expected to reach around 4.17 billion lei in 2019. The majority of the spend, around 3.42 billion lei (82% of the total budget), is in the Upstream, with an investment level of 551 million lei in Downstream Oil. Upstream investment will partly mitigate the natural production decline given field maturity. Oil and gas production in Romania, excluding new portfolio optimization initiatives, is expected to decrease by 4% in 2019 versus 2018. The 2019 budget is based on an average Brent price of 70 USD/bbl.
“The 4.17 billion lei investment budget for 2019 is money that will mostly go into the Romanian economy. OMV Petrom is an essential player in the economic landscape: it supplies the energy needed by millions of Romanians and thousands of local business, it contributes to business development and it secures thousands of jobs for Romanians. ”, says Christina Verchere, CEO of OMV Petrom.
Distribution of dividends for 2018 amounting to approx. 1.53 billion lei
The Ordinary General Meeting of Shareholders approved the Executive Board’s proposal to distribute dividends of 0.027 lei/share for 2018, 35% higher than in the previous year. The total gross value of the dividends to be distributed is approx. 1.53 billion lei, accounting for 38% of the Group net income attributable to stockholders of OMV Petrom S.A. in 2018. More than 315 million lei will go to the Romanian state, which holds 20.639% of OMV Petrom SA shares through the Ministry of Energy.