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Ad-hoc Report - Petrom will have a new Head of Refining

In compliance with Law no. 297/2004 and Regulation no. 1/2006 of CNVM

Date of report : May 5, 2008
Name of issuer : PETROM S.A.
Headquarters : Bucharest, Calea Dorobantilor nr. 239 sector 1
Telephone/fax number : +40 372 868930/ +40 372 868544
Sole registration number at the Trade Register Office: 1590082
Fiscal attribute : R
Trade Register Number: J 40/8302/1997
Share capital: 5,664,410,833.5 RON
Regulated market on which the issued shares are traded : Bucharest Stock Exchange

Significant event to be reported:

Petrom will have a new Head of Refining

  • Neil Anthony Morgan to become member of Petrom Executive Board, responsible with Refining, beginning with July 1st, 2008
  • Jeffrey Rinker to take on the position of Senior Vice President within OMV

Petrom, the largest oil and gas producer in South Eastern Europe, will have a new member of Petrom Executive Board, responsible with Refining, namely Neil Anthony Morgan, beginning with July this year. Mr. Morgan was appointed to this position by the Supervisory Board of Petrom, following the appointment of Mr. Jeffrey Rinker as Senior Vice President within OMV, responsible with Refining Joint Ventures & Strategic Projects.

Jeffrey Rinker, member of Petrom Executive Board, responsible with Refining: “The time I spent in Romania was a very challenging one for me and for my team and I am happy to say that we dealt with them successfully. Together we started the modernization process of the refineries, we have made important steps and we have reached a series of strategic objectives. I am confident that this far-reaching process will continue successfully under the coordination of Mr. Morgan and I look forward to continuing my involvement with Petrom Refining, from the majority shareholder perspective”.

Jeffrey Rinker will stay in the position of Refining Director until Neil Morgan takes over and after July 1st, 2008 will attend the Executive Board meetings as observer, until the end of this year. Between April 1st – July 1st 2008, the two of the them will work together.
In addition, Jeffrey Rinker will retain certain responsibilities related to Petrom Refining, at least through the end of the transition period in 2011. He will become a member of the Petrom R&M Steering Committee and the Petrom Organizational Committee.

Neil Morgan has more than 20 years experience in refining and petrochemicals. Prior to his arrival in Petrom, Neil Anthony Morgan worked in Petronas, the national oil and gas company in Malaysia, where he managed a major refinery capacity expansion project.

Neil Antony Morgan: “I will capitalize on the experience gained in the refinery capacity expansion project in Malaysia to contribute to Petrom’s reaching its refining objectives”.

Additional information
Neil Morgan graduated Chemical Engineering at the University of Salford, Manchester, UK and attended the Program for Management Development at University of Cape Town and the Program for Plant Management at Center for Process Plant Management USA.
Mr. Morgan has an extensive experience in the refining and petrochemicals business and held various positions within chemical and oil companies in South Africa such as SENTRACHEM LTD, AECI LTD, ENGEN PETROLEUM LTD and PETRONAS.
Along his career, Mr. Morgan held responsibilities in the expansion of refinery capacity, implementation of efficiency increase programs for refining operations, implementation of environmental and safety programs in refineries etc.

Mariana Gheorghe
Chief Executive Officer / President of the Executive Board