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Petrom announces plan to build one central office complex in Bucharest

  • “Petrom City” will host the employees from the offices in Bucharest and the surroundings
  • Increased efficiency due to unified structure

Petrom, the largest oil & gas producer in South-Eastern Europe, announces its plan to build the future centralized office for the whole company – Petrom City. It will be built on a Petrom owned land in northern Bucharest, at Straulesti, on the premises of a former fuel depot. From a total surface of approx. 200,000 m2, the building complex will have 46,000 m2 office space and an additional approx. 30,000 m2 will be built underground.

When it will be finalized, Petrom City will host all the Petrom employees in the Bucharest offices and other central services currently located in the whole country combining together 60 sites in Romania. Currently there are 3,000 employees located in 5 offices in Bucharest and its surroundings.

Gheorghe Constantinescu, CEO of Petrom: “In Petrom City, our employees will benefit from a modern and highly sophisticated working environment which will support them in fulfilling their tasks and will also create a culture of working together. The new offices will bring us increased space flexibility which will facilitate the communication and workflow between the various departments in the company.”

The first part of Petrom City will be ready in early 2008 when 1,700 employees will be moving in. Then, gradually until 2009 all the rest of the employees in Bucharest and the surroundings will follow. Construction work is expected to start during this year.

“This move will represent an important efficiency increase for Petrom regarding the company’s overall infrastructure costs. With this new office complex Petrom will not only set new standards related to working environment but also contribute to the further development of this part of the city”, said Mr. Reinhard Pichler, Petrom’s CFO.

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.