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MarketScreener Homepage  >  Equities  >  Bucharest Stock Exchange  >  OMV Petrom S.A.    SNP   ROSNPPACNOR9


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OMV Petrom SA : OMV Petrom commissioned the new gas desulfurization and sulfur recover...

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08/06/2013 | 03:54am EDT
  • Investment for new unit amounts to approximately EUR 40 mn
  • EUR 600 mn modernization program of Petrobrazi refinery to be completed in 2014

OMV Petrom, the largest oil and gas producer in Southeastern Europe, commissioned in July a new unit for gas desulfurization within the Petrobrazi refinery, as part of the modernization program initiated in 2010. The new unit determines a reduction in the refinery polluting emissions, in line with European levels, thus contributing to a cleaner environment. In addition, the new unit will have a positive impact on the energy efficiency of the refinery.

Neil Anthony Morgan, member of OMV Petrom Executive Board responsible for Refining and Marketing: "The modernization program of Petrobrazi refinery steadily approaches its completion. One of the main objectives of the modernization was already achieved with the capacity adjustment that enables the refinery to efficiently process the entire amount of crude oil produced by our exploration and production division in Romania. In addition, we also aim to increase the middle distillates yield, while having a modern European refinery fully compliant to EU environmental standards. And the desulfurization unit is an important step in this direction."

The project to implement a new desulfurization unit started at the end of 2010 and entailed investments of approximately EUR 40 mn.

For the modernization and efficiency increase of Petrobrazi refinery, OMV Petrom has foreseen in its budget investments of approximately EUR 600 mn. Around EUR 500 mn have already been invested until now.

Another stage of the modernization process of Petrobrazi refinery was marked in January 2013, when the Coker unit modernization was completed following an investment of around EUR 45 mn.

The next steps consist of expanding the capacity of gas oil hydro treating unit and fluid catalytic cracker unit as the last stage in the efficiency increase process of the refinery and improvement of white products yield.

OMV Petrom
OMV Petrom is the largest oil and gas group in South-eastern Europe, with activities in the business segments of Exploration and Production, Gas and Power as well as Refining and Marketing. The Group consolidated its position on the oil market in South-eastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 8.8 bn during the last eight years.

As of the end of 2012, the Group exploited proved oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan (thereof 750 mn boe in Romania). With a maximum annual refining capacity of 4.2 mn t, OMV Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.

For its sustainable development, OMV Petrom has expanded the gas value chain into power. In this context, OMV Petrom operates a 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu.

In 2012, the Group's turnover was EUR 5,891 mn, EBIT was EUR 1,270 mn.

OMV, Austria's largest listed industrial company holds a 51.01% share in OMV Petrom. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and approximately 4,400 filling stations in 13 countries including Turkey as of the end of 2012.

The Ministry of Economy holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99%, the European Bank for Reconstruction and Development 1.62% and 7.74% is free float on the Bucharest Stock Exchange.

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