Petrom to Invest Up to EU1.2 Billion Per Year by 2014

(Corrects year in headline and first paragraph.)

June 19 (Bloomberg) -- OMV Petrom SA, Romania’s biggest oil company, plans to invest between 800 million euros to 1.2 billion euros on average per year through 2014 as it seeks to start developing its Black Sea deepwater Neptun block between 2014 and 2016, it said today.

Petrom may also explore “unconventional” opportunities from 2016 and renewable energy opportunities between 2014 and 2016, according to its updated strategy through 2021 sent to the Bucharest Stock Exchange. It may also seek new Black Sea exploration and production opportunities between 2016 and 2021.

The Bucharest-based company said it may assess further infrastructure investments around the Nabucco gas pipeline project and may also explore the development of a potential gas hub from 2016, according to the strategy.

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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