Romanian state-owned gas producer Romgaz will pay up to $1.07 billion to Exxon Mobil 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, majority-controlled by Austria's OMV.
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)
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