Romanian oil and gas company OMV Petrom plans to invest RON 8 billion (EUR 1.6 billion) in 2024 and in each of the coming two years, which is more than double the RON 3.5 billion average investments in 2017-2021.

This will be achieved while “paying a progressive dividend at the same time,” the company said.

In 2023, OMV Petrom already invested almost RON 5 billion.

Besides the funds dedicated to the development of the Neptun Deep offshore natural gas project, a large part of the investments will be used for the diversification of the company’s activity into more sustainable areas.

To the parks with a cumulative capacity of 410 MW to be developed with CE Oltenia, in 2023, cumulative projects of 710 MW were added in Teleorman, as well as half of the capacity of about 1 GW, for which a contract was recently signed of purchase with Renovatio.

As far as electromobility is concerned, the company is on its way to becoming the biggest player in Romania.

At the end of 2023, OMV Petrom had around 270 charging points in Romania, Bulgaria and Serbia. At the beginning of this year, the company signed a contract to acquire Renovatio Asset Management, the owner of the largest charging network for electric vehicles in Romania, with more than 400 charging points and prospects of growth to around 650 by 2026. Thus, by the end of 2024, OMV Petrom expects to reach about 1,000 charging points.