OMV Petrom: Gas exports possible technically after the end of 2015

According to a media article citing representatives of the gas transporter Transgaz (TGN), exports through Arad-Szeged pipeline to Hungary would only be technically feasible after the end of 2015.

Even so, we believe exports might be performed through settlements but there are probably additional impedimentsrestricting Petrom to sell only to the domestic market where the price is regulated. We were notincorporating into our model any upside from exports of gas, thus we see the news as neutral. We notealso that the first price increase stipulated in the gas price liberalization calendar approved by thegovernment and due to take place this December did not happen, as we had already expected.