Petrom

OMV Petrom S.A.
Subsidiary of OMV
Traded as BVB:
Industry Oil and gas industry
Founded 1991 (1991)
Headquarters PetromCity, Bucharest, Romania
Key people
 Mariana Gheorghe (CEO)
Products Petroleum products
Petrochemicals
Microelectronics chemicals
Revenue Decrease 21.5 billion RON (€8.9 billion) (2014)
Decrease 2.1 billion RON (€475 million) (2014)
Total assets 43.1 billion RON (€9.7 billion) (2014)
Number of employees
 Decrease 17,799 (2014)
Parent OMV (51,01%)
Website www.omvpetrom.com

OMV Petrom S.A. is a Romanian integrated oil company, the largest corporation in Romania and the largest oil and gas producer in Southeast Europe. It is a subsidiary of OMV.

History

In late 2004, Petrom was privatized by the Romanian state and sold to Austrian oil company OMV. As of 2005, it was the largest privatization deal in Romania's history.

Until 2005, Petrom owned six offshore drilling platforms, of which five, GSP Atlas, GSP Jupiter, GSP Orizont, GSP Prometeu and GSP Saturn were sold to Grup Servicii Petroliere for US$100 million.[1]

In January 2006, Petrom purchased OMV's operations in Romania, Bulgaria and Serbia and Montenegro.[2] As a result of the transaction, 178 OMV stations were transferred to Petrom, but continued to operate under the OMV brand.

Typical Petrom gas station in Iaşi, Romania

From 1 January 2010, the company changed its name to OMV Petrom.[3]

In April 2010, OMV Petrom expanded the portfolio of its projects, in terms of electricity production, through the acquisition of 100% of the SC Wind Power Park SRL, a developer of the Dorobanţu Wind Farm.[4]

On May 18, 2010, OMV Petrom announced the conclusion of an offshore campaign in the Lebăda Est and Lebăda Vest fields, located at the Histria block in the Black Sea. Following this offshore campaign, additional production of more than 300,000 boe was expected in 2010, from two existing wells (LO2 and LO4) and a new well drilled (LV05).

On June 1, 2010, OMV Petrom announced the start-up of the Hurezani gas delivery system, a project intended to optimize gas delivery into the national transportation network in periods when pressure in the system was very high.

On July 12, 2010, OMV Petrom announced the signing of a 15-year production enhancement contract for several fields in the area of Țicleni, Southwest Romania, with Petrofac, a leading international provider of facilities solutions to the oil and gas production and processing industry. Petrofac will perform services in the respective fields in order to maximize production while improving operational efficiency. The partnership targets cumulative production enhancement out of nine onshore fields in the Țicleni area by at least 50% in the next five years.

On September 6, 2010, OMV Petrom announced the sale of the 74.9% stake in Ring Oil (Russia) to its minority partner Mineral and Bio Oil Fuels Limited (MBO).[5]

From October 1, 2010, OMV Petrom has completed the consolidation of marketing activities in Romania in a single entity, OMV Petrom Marketing SRL.[6]

PetromCity, located in northern Bucharest, serves as the company headquarters

On December 2, 2010, OMV Petrom inaugurated Petrom City, the headquarters that hosts the company's central operations. Situated in the northern part of Bucharest, it will be used by around 2,500 employees from 7 headquarters of the company in Bucharest and Ploiești. The employee relocation process started in the fourth quarter of 2010 and was estimated to be finalized in the first half of 2011.

In 2010, OMV Petrom inaugurated the Hurezani gas delivery system, designed to optimize gas supply to the national transport network. The system included a new compressor station at Bulbuceni, and 11.5 kilometres (7.1 mi) of new pipe station. There was a new measurement system of the gas delivery point Hurezani, to adapt to changing parameters of the gas flow and pressure. The total investment budgeted amounted to about 135 million euros.

Operations

Apart from its operations in Romania, the company operates in Bulgaria, Serbia, Hungary, Moldova, Kazakhstan, Iran and Russia. In Moldova, OMV Petrom has operated 73 filling stations, being one of the leading oil companies, alongside Lukoil. In Hungary, there have been at least 2 OMV Petrom filling stations.

OMV Petrom has operated in several countries:

In 2007 the company produced 5.5 billion cubic metres (190 billion cubic feet) of natural gas and 191,000 barrels per day (30,400 m3/d) of crude oil.[7]

Privatization controversy

The OMV Petrom privatization took place during the last months of the Adrian Năstase government. In December 2004, OMV obtained a 51% stake in SNP Petrom SA.[8]

Major Romanian newspapers published articles criticising the privatization of Petrom, on the grounds that last-minute unadvertised moves gave Petrom all of Romania's oil and gas reserves just before the privatization contract was signed. It was claimed that this move gave away the control of the country's national resources[9]

As a consequence, OMV Petrom has a de facto monopoly on the oil production of Romania. Moreover, the state did not impose price controlling clauses in the privatization contract, so that Romanian-produced petroleum is sold in Romania at the same price as imported petroleum.

OMV Petrom Bucharest International Half Marathon

The second edition of OMV Petrom Bucharest International Half Marathon (2013) was organized by Bucharest Running Club Association in cooperation with the Romanian Athletic Federation and Bucharest City Hall. Petrom supported the second edition of the half marathon as leading sponsor.

Over 6.000 people from 43 countries have run at this edition of the event.

Half Marathon Winners

Rank Men Time Women Time
1 Kirui Nicholas Kipngeno  Kenya 1h 04' 07" Naali Mary Xwaymay  Tanzania 1h 16' 32"
2 Lesuuda Andrew Papasio  Kenya 1h 04' 53" Alebachew Selam Abere  Ethiopia 1h 18' 20"
3 Kanda Japhet Kimutai  Kenya 1h 07' 12" Nicoleta-Alina Petrescu  Romania 1h 20' 24"
4 Maritim Kipkoech  Kenya 1h 09' 04" Rodean Ana-Veronica  Romania 1h 24' 51"
5 Slimani Benazzouz  Morocco 1h 10' 12" Grădinariu Alexandra  Romania 1h 30' 26"

The second edition of OMV Petrom Bucharest International Half Marathon took place on 19 May in Constitution Square, Bucharest. The competition included 4 competitive races: half marathon (21.097 km), team relay (4 x 5.3 km) individual race (10.5 km), popular race (3.5 km) and one uncompetitive race, kids’ race (4-12 y.o.).

Prizes

References

  1. ↑ "GSP vrea platforme de foraj in Marea Nordului" (in Romanian). Săptămâna Financiară. 25 May 2007. Retrieved 4 January 2011.
  2. ↑
  3. ↑ Petrom şi-a schimbat denumirea în OMV Petrom(Romanian), adevarul.ro, accessed 14 December 2010
  4. ↑ Petrom intră pe piața energiei eoliene prin achiziția Wind Power Park(Romanian), money.ro, accessed at 15 December 2009
  5. ↑ "OMV Petrom SA (SNPPEUR.STp) Key Developments", Reuters.com, September 6, 2010, webpage: Reut25.
  6. ↑ Petrom a finalizat consolidarea activităților de marketing din România(Romanian), BloomBiz.ro, accessed 14 December 2010.
  7. ↑ Un baril din sase produsi de Petrom vine din Marea Neagra (Romanian)
  8. ↑ http://romaniandaily.ro/cat53115/art1906058377 Archived 4 March 2009 at the Wayback Machine.
  9. ↑ http://www.romanianewswatch.com/2007/09/interview-romanias-petrom-sale-probe.html
Wikimedia Commons has media related to Petrom.
This article is issued from Wikipedia - version of the 11/26/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.