30 new gas stations to expand Petrom's network
- Petrom and OMV Romania together will exchange 11 filling stations against 30 filling stations from MOL
- The difference in exchange will be paid by Petrom
- Acquisition to optimize existing network
- 100% of MOL Romania Aviation acquired by Petrom
Petrom, the largest oil and gas producer in South East Europe, has concluded a contract with MOL for the taking over of 30 filling stations. As part of the transaction, MOL will receive 11 Petrom and OMV Romania gas stations. Petrom will pay the difference, an amount which the partners agreed not to disclose. At the same time, Petrom acquired 100% stake in MOL Romania Aviation.
„This transaction is part of our continuing efforts to optimize our network of gas stations. We have committed ourselves to exercise our responsibility as market leader. We will operate an efficient retail network in Romania, improve products and services”, said Mr. Tamas Mayer, Member of the Management Committee of Petrom responsible for Marketing. The closing of the transaction is subject to certain conditions precedent including the clearance of the Competition Council.
Out of the newly acquired filling stations 15 are located in Bucharest while the rest of them are located all over the country and give Petrom the possibility to become even more accessible for its customers. With additional investments all of them will be modernized and will operate under the new introduced concept of PetromV. The customers will also benefit from the presence of a highly appreciated brand such as Viva, while qualified and well trained employees will assist them.
“We are determined to achieve further growth not only quantitative but also qualitative and to reach our 2010 goals: 250 PetromV filling stations to offer the best products and services, to reach a commercial market coverage of 30% and to raise throughput ratio of fuel stations to 2.9 mn liters/year”, added Tamas Mayer. The development strategy for marketing is supported by a budget of Euro 500 million for the next years.
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Petrochemicals, as well as Sales and Marketing. Petrom has estimated oil and gas reserves of 1 billion boe, an annual refining capacity of 8 million metric tons and around 550 filling stations in Romania. The company also has an international network with 82 filling stations located in Moldova and Hungary. This network was increased by 178 OMV premium stations in Romania, Bulgaria and Serbia-Montenegro, acquired in January 2006. In 2005 the turnover of Petrom was EUR 2,970 million, EBITDA was EUR 766 million. Following the share capital increase OMV, the leading oil and gas group in Central Europe holds a 51,011% share in Petrom. OMV is active in Refining and Marketing, Exploration and Production, Gas as well as Chemicals in 28 countries on five continents. The Romanian state holds 30.862% of Petrom shares, Property Fund SA holds 9,887%, the European Bank for Reconstruction and Development, 2.026% and 6.214% are owned by minority shareholders.