KPMG validates Compliance Management in OMV Petrom
OMV Petrom, the largest oil and gas producer in South-eastern Europe, is the first Romanian entity to have completed an audit of its Compliance Management System, by means of an external evaluation performed by one of the world’s big four auditors – KPMG. Compliance Management targets the observance of applicable legislation and principles of corporate governance and ethics that are found in the company’s Code of Conduct, respectively principles of integrity, transparency and honesty.
Mariana Gheorghe, OMV Petrom CEO: "Company’s performance is tightly related to the observance of the legislation and norms of conduct. That is why OMV Petrom Executive Board supports and promotes an organizational culture based on principles and values universally accepted, as well as the observance of international standards."
The audit of OMV Petrom’s Compliance Management System comes as a voluntary activity, initiated at OMV Group level, in order to gain international recognition for the organization’s commitment to follow the highest compliance standards.
During the audit issues regarding business ethics, the fight against corruption, capital markets, competition and trade embargoes, in terms of best international practices were examined.
The evaluation was performed by KPMG in line with the requirements of Standard 980 of the Institute of Public Auditors in Germany (IDW). This standard is one of the highest at European Union level and is the most relevant for OMV Group.
"This certification represents for OMV Petrom not just recognition on a local level but also an international appreciation as an organization living up to its compliance commitments. This comes as a reward of our compliance efforts, a proof of quality for our compliance system and an investment in our organization’s sustainable development", added Mihai Berinde, Director of OMV Petrom Corporate Affairs and Compliance Department.
Following a similar audit, OMV became Austria’s first listed company to hold a certified Compliance Management System in line with IDW standard 980.
Petrom is the largest oil and gas group in South-eastern Europe, with activities in the business segments of Exploration and Production, Gas and Power as well as Refining and Marketing. The Group consolidated its position on the oil market in South-eastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 8.8 bn during the last eight years.
As of the end of 2012, the Group exploited proved oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan (thereof 750 mn boe in Romania). With a maximum annual refining capacity of 4.2 mn t, Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.
For its sustainable development, Petrom has expanded the gas value chain into power. In this context, Petrom started commercial operations of the 860 MW gas fired power plant at Brazi and at the Dorobantu 45 MW wind park.
In 2012, the Group’s turnover was EUR 5,891 mn, EBIT was EUR 1,270 mn.
OMV, Austria’s largest listed industrial company holds a 51.01% share in OMV Petrom. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and approximately 4,400 filling stations in 13 countries including Turkey as of the end of 2012.
The Ministry of Economy holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99%, the European Bank for Reconstruction and Development 1.62% and 7.74% is free float on the Bucharest Stock Exchange.