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Wednesday, December 08, 2004

OMV transfers 670m euro for 33% in Petrom

The Economy and Trade Minister Dan Ioan Popescu Tuesday said Austrian gas and oil group OMV transferred in to the escrow account 669 million euros, representing the purchase of 33.34% in Romania's largest company, Petrom.

"OMV has already delivered into the escrow account this week the amounts needed to acquire the stake (...) and it would inject in Petrom another 830 million euros to increase participation (i.e. to 51%)," Popescu yesterday was quoted as saying in Targu Mures.

The escrow account was opened by a third party, neutral to the transaction. The escrow agent was appointed the Bucharest-based branch of the ING Bank N.V. (Netherlands).

Posted by Iulia Rasoiu : 12/08/2004 09:38:00 am