Petrom

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OMV Petrom S.A.
Type Subsidiary of OMV
Traded as BVB: SNP
Industry Oil and gas industry
Founded 1991 (1991)
Headquarters PetromCity, Bucharest, Romania
Key people Mariana Gheorghe (CEO)
Products Petroleum products
Petrochemicals
Microelectronics chemicals
Revenue Increase €6 billion (2012)
Net income Increase €900 million (2012)
Total assets 44.3 billion RON
Employees 24,662 (2010)
Parent OMV
Website <www.petrom.com

OMV Petrom S.A. (BVB: SNP) is a Romanian oil company, the largest corporation in Romania and the largest gas and oil producer in Eastern Europe.[citation needed] 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.[citation needed]

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.[citation needed]

Typical Petrom gas station in Iaşi, Romania

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

In April 2010, 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, Petrom announced the conclusion of an offshore campaign in the Lebada Est and Lebada 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).[citation needed]

On June 1, 2010, 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.[citation needed]

On July 12, 2010, Petrom announced the signing of a 15-year production enhancement contract for several fields in the area of Ticleni, 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 Ticleni area by at least 50% in the next five years.[citation needed]

On September 6, 2010, 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, Petrom has completed the consolidation of marketing activities in Romania in a single entity, OMV Petrom Marketing SRL.[3]

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

On December 2, 2010, 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 Ploiesti. The employee relocation process started in the fourth quarter of 2010 and was estimated to be finalized in the first half of 2011.[citation needed]

In 2010, 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.[citation needed]

Operations

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

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.[6]

Privatization controversy

The Petrom privatization was realized during the last months of the Adrian Năstase government. In December 2004, OMV obtained a 51% stake in SNP Petrom SA.[7]

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[8]

As a consequence, 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.[citation needed]

Petrom Bucharest International Half Marathon

The second edition of 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 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

  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2005
  • Trophy for “Excellence in Investments in Southeastern Europe” awarded by the Chamber of Commerce and Industry of Romania in 2005
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2006
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2007
  • Ranked 1st in the “Top Companies in Sector 1” list made by the Chamber of Commerce and Industry of Romania in 2008
  • Ranked 1st in the “National Awards for companies in Romania” offered by the Chamber of Commerce and Industry of Romania in 2008
  • Ranked 1st in the “Leading Company in Romania” list made by Finmedia in 2008
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2008
  • Ranked 1st in the “Top Companies in Sector 1” list made by the Chamber of Commerce and Industry of Romania in 2009
  • Ranked 1st in the “National Awards for companies in Romania” list made by the Chamber of Commerce and Industry of Romania in 2009
  • Ranked 1st in the “Non-financial companies and capitalization” list made by Finmedia in 2009
  • Ranked 1st in the “The largest sponsor and the corporation with the largest impact in the history of Habitat for Humanity Romania and Europe” list made by Habitat for Humanity in 2009
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2009
  • Ranked 1st in the “The largest company in Southeastern Europe” made by SeeNews in 2010
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2010
  • Ranked 1st in the “Leading Company in Romania” list made by Finmedia in 2010
  • Safety Award - Sustainable Impact on Business for the project "Improvement of Safety Culture" offered by Dupont în 2010
  • Ranked 1st as the “Best CSR program - Andrei's School” in 2010
  • Ranked 1st in the “Leading Company in Romania” list made by Finmedia in 2011
  • Ranked 1st in the “The most valuable company in Romania” list made by “Ziarul Financiar” in 2011
  • Ranked 1st in the “The largest company in Southeastern Europe” made by SeeNews in 2011
  • Ranked 1st in the “The largest oil company in Romania” list made by “Ziarul Financiar” in 2012
  • Ranked 1st in the “Top 100 Companies” list made by Finmedia in 2012
  • Ranked 1st in the “The (emitent) with the largest capitalization B.V.B.” list made by BVB in 2012
  • Ranked 1st in the “Best CSR strategy” list made by the Association for Community relations and AmCham, during the People for People Gala in 2012

References

  1. ↑ "GSP vrea platforme de foraj in Marea Nordului" (in Romanian). Săptămâna Financiară. 25 May 2007. Retrieved 4 January 2011. 
  2. ↑
  3. ↑ 3.0 3.1 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. ↑ Un baril din sase produsi de Petrom vine din Marea Neagra (Romanian)
  7. ↑ http://romaniandaily.ro/cat53115/art1906058377 Archived 4 March 2009 at the Wayback Machine
  8. ↑ http://www.romanianewswatch.com/2007/09/interview-romanias-petrom-sale-probe.html

External links

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