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Published January 17, 2006

Petrom acquires the OMV stations in Romania, Bulgaria and Serbia-Montenegro

  • Petrom will hold 99.9% of OMV Romania Mineraloel S.R.L., OMV Bulgarien EOOD and OMV Jugoslavija d.o.o
  • The transaction strengthens Petrom’s position in the region and is part of the expansion strategy of the company outside Romanian borders
  • 178 OMV stations operating at highest standards are transfered to Petrom

Petrom, the largest oil & gas producer in South-Eastern Europe consolidates its position in the region by taking over the OMV operations in Romania, Bulgaria, Serbia and Montenegro. The company will hold 99.9% of OMV Romania Mineraloel S.R.L., OMV Bulgarien EOOD and OMV Jugoslavija d.o.o and will operate as a hub for the OMV Group’s activities in South Eastern Europe. “This is the most important transaction the company will finalize after the privatization process and certainly a very important step for Petrom’s expansion on the regional markets. Petrom will become a more important player in South-Eastern Europe due to the increased development pace of the company, in line with the company’s strategy for the year 2010”, said Gheorghe Constantinescu, Petrom CEO.

As a result of the transaction, 178 OMV stations operating at the highest standards belong now to Petrom and will continue to operate under the OMV brand. OMV Mineraloel Romania currently has a network of 73 stations in Romania, which all include Viva shops. In Bulgaria, there are 74 stations and two modern depots. The 31 stations operating in Yugoslavia also have Viva shops. The enterprise value (equity value and assumed debts) of the three companies has been assessed by KPMG which has been mandated by Petrom, at Euro 234.4 million. This equals also the transaction value and is subject to customary adjustments for debt and working capital.

Tamas Mayer, member of Petrom’s Managing Committee, responsible for marketing activity: ”With this transaction Petrom does not only benefit from premium OMV filling stations but will also position itself firmly as the competence center for the OMV Group in South Eastern Europe related to the marketing activity. And for the OMV companies this will make the supply management easier.”

Petrom has approximately 600 filling stations in Romania. This network will be increased by the 178 OMV premium stations in Southeastern Europe. This market will continue to grow in the coming years and therefore the OMV filling station network should also be expanded. By 2010, about 300 filling stations in Bulgaria, Romania, and Serbia and Montenegro will be operational under the OMV brand, most significantly in Bulgaria and Serbia and Montenegro.

In 2005 the company has launched a new concept of station, Petrom V, that offers multiple facilities, and until 2010, Petrom will have approximately 250 such stations. Also, Petrom applies since 2005 a new and modern management system for the stations, called Full Agency, which means that stations are managed by selected partners based on objective criteria and Petrom is confident that services will improve as a result of this change. Petrom successfully launched new products such as Top Premium 99+ in 2005 and Top Nordic Diesel in 2006 for the benefit of Romanian customers.
With significant investments of Euro 500 million until 2010 in the Marketing business alone, Petrom will consolidate its leading market position.

Background Information
Petrom SA
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, refining capacity of 8 million metric tons and around 600 filling stations. In 2004 the sales revenue of Petrom was EUR 2,143 million, EBITDA was EUR 28 million. Since December 2004 OMV, the leading oil and gas group in Central Europe holds a 51% 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 40.74% of Petrom shares, the European Bank for Reconstruction and Development, 2.03% and 6.23% are owned by minority shareholders.