The European Investment Bank (EIB) had already approved a loan worth €250 mln on 3 February to finance construction work. The company intends to allocate about €1 billion for investments in 2009, compared to nearly €1.8 bln in 2008.
OMV’s Chief Executive Officer, Wolfgang Ruttenstorfer, said yesterday that the company would be profitable even if oil were less expensive, although a too low level would threaten the firm’s investments in new production capacities.
EBRD announced yesterday that it could lend Petrom up to €200 mln, adding that “the unit’s project is in compliance with the highest technical standards and will meet the newest European requirements in the field of environmental protection.”
OMV group owns 51 percent of Petrom, whose main competitors on the local market are Rompetrol, LukOil, and MOL.
