Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Romania's Petrom borrows 400 mln eur for power plant

Published 05/08/2009, 02:45 AM
Updated 05/08/2009, 03:00 AM
TTEF
-

BUCHAREST, May 8 (Reuters) - Romania's top oil and gas group Petrom said on Friday it had borrowed 400 million euros ($536 million) from international financial institutions to build a power plant.

Petrom, majority owned by Austria's OMV, got 200 million euros from the European Investment Bank and another 200 million from the European Bank for Reconstruction and Development. Both loans have a 12 year maturity.

The total value of the investment stands at 500 million euros. The power plant, which Petrom plans to build by 2012 in the southern town of Brazi, will have an 860 mega-watt capacity.

Around 20 percent of its capacity will be used solely by Petrom.

Earlier in the day, Petrom posted a 48 percent fall in its first-quarter net profit to 506 million lei ($163.5 million), mainly due to lower oil prices. ($1=3.094 Lei) ($1=.7462 Euro) (Reporting by Marius Zaharia; Editing by Jon Loades-Carter)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.