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Published July 10, 2013

OMV Petrom sold its subsidiary Petrom Distribuţie Gaze SRL

  • OMV Petrom to focus on supplying gas to commercial and industrial clients
  • Decision in line with OMV Petrom strategy to optimize downstream operations
  • Exit from gas distribution activity to end customers

OMV Petrom, the largest oil and gas producer in Southeastern Europe, sold its 99.99% interest in its non-core gas distribution company Petrom Distribuţie Gaze (PDG) SRL to Ligatne SRL (Ligatne). The parent company of Ligatne is also the majority owner of SC Gaz Sud SA (Gaz Sud) and SC Grup Dezvoltare Retele SA (GDR). The decision is in line with the OMV Petrom strategy of optimizing the downstream operations with a view of improving efficiency. The parties have agreed not to disclose the transaction value; the completion of transaction is subject to approval by the Competition Council.

Cristian Secoşan, member of OMV Petrom Executive Board, responsible for Gas and Power: "According to our strategy we will continue to focus on supplying gas to industrial and commercial clients. The sale of OMV Petrom’s gas distribution to end consumers business is in line with this strategy. Also, taking into account Gaz Sud and GDR’s presence on the Romanian market, I strongly believe that this transaction with Ligatne is an opportunity for the development of PDG".

PDG was set up in 2007, when the Romanian legislation was modified to observe the EU Directive which specified the separation of gas distribution from other activities in order to guarantee market competition and transparency.

At the end of 2012, the distribution network of PDG measured approximately 1,000 km in length and served more than 21,000 clients, mainly located in the neighboring areas of Bucharest and Timişoara.

Together Gaz Sud and GDR currently operate a gas distribution network measuring approximately 700 km in length and serving over 22,000 clients located primarily in the neighboring areas of Bucharest. Ligatne was selected following a selling process which started in June 2012. Both Gaz Sud and GDR have a strategic focus on the Romanian gas distribution market, especially within the greater Bucharest area.

This transaction will not have a material impact on OMV Petrom’s financials, (i.e. accounts for less than 10% of OMV Petrom’s total assets value, respectively the company’s net annual turnover of 2012).

Petrom Group
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 Southeastern 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.

Gaz Sud and GDR
Gaz Sud and GDR were both set up in 2001 and on a combined basis, operate a gas distribution network measuring approximately 700 km in length and serve over 22,000 clients located primarily in the neighboring areas of Bucharest and other towns like Rosiorii de Vede and Siret. More information about both Gaz Sud and GDR can be found on their websites of www.gazsud.ro and www.gdr.ro as well as by emailing office@gazsud.ro and calling 021.231.10.21.