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Resolutions passed in OMV Petrom S.A. General Meetings of Shareholders

  • No distribution of dividends for 2015
  • Investments budget approved for current year amounts to RON 3.98 bn
  • New member in OMV Petrom S.A. Supervisory Board
  • Extension of the approval and related Executive Board empowerment for the secondary listing of OMV Petrom S.A. on London Stock Exchange

OMV Petrom S.A., the largest oil and gas producer in Southeastern Europe, announces the main resolutions passed by its Ordinary General Meeting of Shareholders and the Extraordinary General Meeting of Shareholders, both held on April 26, 2016.

No distribution of dividends for 2015
The Ordinary General Meeting of Shareholders approved the Executive Board proposal not to distribute dividends for the financial year 2015. "In the current market context, with a low price for crude oil, we must stay prudent and maintain a strong balance sheet. Given the high liquidity level required to sustain our investment needs, we proposed and the shareholders approved not to distribute dividends for 2015, says Mariana Gheorghe, CEO OMV Petrom.

Lower investments in 2016
The Ordinary General Meeting of Shareholders approved the investments budget of OMV Petrom S.A. for 2016. Thus, the OMV Petrom S.A. estimated investments for 2016 amount to RON 3.98 bn, lower than the RON 4.26 bn investments realized in 2015 by OMV Petrom S.A. The main investment direction continues to be Upstream, for which investments of more than RON 3.48 bn are budgeted (88% of the budget), followed by Downstream Oil, with an investment budget of RON 465 mn in 2016.

New member in the Supervisory Board 
The Ordinary General Meeting of Shareholders approved the appointment of Dan Manolescu as Supervisory Board member, with a valid mandate until April 28, 2017. Dan Manolescu was nominated by the shareholder Romanian State, through the Ministry of Energy. Dan Manolescu was secretary of state in the Ministry of Public Finance between 2013 and 2015. 

Extension of the approval and related Executive Board Empowerment for the secondary listing of OMV Petrom S.A. on the London Stock Exchange
The Extraordinary General Meeting of Shareholders approved the extension of the approval and related Executive Board empowerment for the secondary listing of OMV Petrom S.A. on the London Stock Exchange, until December 31st 2017, if the market conditions will not be suitable for conducting the secondary listing this year. The empowerment granted by the Extraordinary General Meeting of Shareholders will be subject to the approval of the Supervisory Board should the listing be performed in 2017.

OMV, one of Austria's largest listed industrial companies, holds a 51.01% stake in OMV Petrom. The Romanian state, via the Ministry of Energy, holds 20.64% of OMV Petrom shares, Fondul Proprietatea (Restitution Fund) holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.

For more details and information:
OMV Petrom Media Relations: +40 21 40 60 036, press.office@omvpetrom.com
Website:  www.omvpetrom.com; www.petrom.ro