Ad-hoc Report - The decision of the Board of Directors of Petrom from October 18, 2005, regarding the acquisition of controlling stake in Rafiserv Petrobrazi and Rafiserv Arpechim
n compliance with Law nr. 297/2004 and Regulation no. 13/2004 of CNVM
Date of report: October 21, 2005
Name of issuer PETROM S.A.
Headquarters: Bucharest, 239 Calea Dorobantilor, district 1
Telephone/fax number: 021 4060101/021 4060436
Sole registration number at the Trade Register Office: 1590082
Fiscal attribute: R
Trade Register Number: J 40/8302/1997
Share capital: 5,600,050,607.8 RON
Regulated market on which the issued shares are traded: Bucharest Stock Exchange
Significant event to be reported:
The decision of the Board of Directors of Petrom from October 18, 2005, regarding the acquisition of controlling stake in Rafiserv Petrobrazi and Rafiserv Arpechim
During the meeting held on October 18, 2005, the Board of Directors (BoD) of Petrom approved the acquisition of 89,8386% of the share capital of Rafiserv Petrobrazi and 98,8556 % of the share capital of Rafiserv Arpechim.
These companies are service providers for the two refineries of Petrom and are employing former Petrom employees.
The management of Petrom considers that the improvement of the maintenance activity in the refineries is a key issue to be addressed in order to achieve the overall efficiency standards, the acquisitions constituting the basis for a more efficient organization and for increasing the quality of services.
These acquisitions are subject to certain conditions precedent, amongst which the authorization by the Competition Council.