OMV Petrom, lower investments in 2016

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,” said Mariana Gheorghe, CEO OMV Petrom.

The Ordinary General Meeting of Shareholders also approved the investments budget of OMV Petrom for 2016. Thus, the company estimated investments for 2016 amount to RON 3.98 bn, lower than the RON 4.26 bn investments realized in 2015. 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.

The Extraordinary General Meeting of Shareholders approved the extension of the approval and related Executive Board empowerment for the secondary listing of OMV Petrom 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.