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ROMGAZ signs 325 million euros deal with Raiffeisen Bank for the development of the Neptun Deep project

Romania’s largest gas producer ROMGAZ has signed a 325 million euros deal with Raiffeisen Bank to finance part of the purchase transaction of the shares of ExxonMobil’s Romanian subsidiary EMEPRL which holds 50 per cent of the rights and obligations for the Neptun Deep block.

“Signing such financing deal is necessary to achieve an important objective of ROMGAZ Development Strategy for 2021 – 2030, that is to complete the purchase transaction of the shares of EMEPRL […]. It is a first step proving our determination to maintain ROMGAZ as the most important player on Romania’s gas market and strategically position ourselves in the current geopolitical context”, ROMGAZ CEO, Aristotel Jude noted.

“The development and production, as soon as possible, of the reservoirs with commercial potential within the Neptun Deep block will ensure significant volumes to be added up to Romania’s gas production and will sustain, undoubtedly, the security of gas supply of the country”, he underlined.

The 325 million euros facility provides Romgaz with financing for its development plan of the resources, covering part of the purchase price for the entire shares issued by EMEPRL.

“This deal is the first step […] within the context of the Neptun Deep project. After the completion of the purchase transaction of EMEPRL shares, we will start the formalities to ensure the future financing necessary for ROMGAZ Group to develop the Neptun Deep project”, ROMGAZ CFO Răzvan Popescu said.

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