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The OMV Petrom shareholders have approved on Tuesday in the company's annual general meeting to grant no dividends for 2015, considering the high level of liquidity necessary for investments in 2016, estimated at 3.98 billion lei, the company informs in a release to Agerpres. "Given the current market context with a low price of oil, we should stay cautious and maintain a solid financial position.(...) I have proposed the shareholders and they agreed to grant no dividends for 2015," said OMV Petrom CEO Mariana Gheorghe.
The annual general meeting has approved a lower investment budget, following 4.26 billion lei in 2015. Most of it (3.48 billion lei, or 88 percent) will go to the Upstream division; the Downstream division only gets 465 million lei. OMV, one of the largest industrial companies listed in Austria, holds 51.01pct of OMV Petrom; the Romanian state, through the Energy Ministry, has 20.64pct, the Fondul Proprietatea investment fund 18.99pct, and 9.36pct are floated freely on the Bucharest Stock Exchange.
