OMV Petrom cuts down 20% of investments

Mariana-gheorghe

OMV Petrom expects to invest about RON 5.3 billion this year, 20% below the budgeted investments for 2014, and most investments, 90%, aim, according to the OMV Petrom strategy, the Upstream operations and will continue operational excellence initiatives and the exploration projects onshore and offshore. According to a company release, Downstream Oil operations will get 9% of the budget, and 1% will represent investments in Downstream Gas.

The OMV Petrom General Meeting of Shareholders (AGOA) approved on April 28 the group’s Revenues and Expenditures Budget in 2015. Moreover, the AGOA approved the dividend distribution totalling RON 634 million, meaning RON 0.0112 per share.

The dividends will be distributed starting on June 12, 2015 to the OMV Petrom shareholders registered in the register at the registration date. “We are consistent with our objective to provide dividends, yet we must adapt to the new market environment, in which we see the halving of oil prices against last year. The proposal aims to pay dividends to shareholders, but at the same time to provide the necessary resources to continue the company’s investment program,” said Mariana Gheorghe, CEO OMV Petrom.

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