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Romania’s Romgaz to pay up to $1.07 bln for Exxon Black Sea gas stake

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BUCHAREST, Nov 3 (Reuters) – Romanian state-owned gas producer Romgaz (SNG.BX) will pay up to $1.07 billion to Exxon Mobil (XOM.N) for its 50% stake in a Black Sea offshore gas project, the company said.

The other half of the long-delayed Neptun Deep offshore project is owned by Romanian OMV Petrom (ROSNP.BX), majority-controlled by Austria’s OMV (OMVV.VI).

Romgaz will ask shareholders to approve the deal at a meeting on Dec. 9, when it will also request approval to borrow 325 million euros to cover a part of the transaction costs. Upon signing the contract, the company will pay Exxon an advance worth $106 million.

Reporting by Luiza Ilie

Our Standards: The Thomson Reuters Trust Principles.

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