Romgaz takes out 55.5m-euro loan

Shareholders of Romgaz Medias approved the extension of a credit facility granted by ABN Amro Romania to 55.5 million euros (70 million dollars), and the opening of letters of credit worth several hundred million dollars in favour of the Cyprus-based Imex Oil firm, to guarantee gas imports. Under the contract, the value of the letters of credit will have to cover the value of imported natural gas, i.e. 9.9 million euros (12.5 million dollars a month) for the October – December period and 26.9 million euros (34 million dollars a month) for the April – September period, depending on the price of gas and on the amount imported. Imex Oil imports natural gas for Romania through a direct contract with Gazexport, Gazprom’s export division. According to the Ministry of Economy, along with Wintershall Erdgas Handelshaus Zug AG, Imex Oil is one of Gazprom’s authorised suppliers. The shareholders authorised the management of Romgaz to get a letter of guarantee worth 0.6 million euros (2.2 million RON) from BRD – Groupe Societe Generale in favour of Petrom – OMV for providing storage services.