Petrom continues to develop the Petrom City area

As already communicated on several occasions, Petrom will build a state of the art office building for around 2,500 persons including a data centre and independent power supply in the Straulesti site. The total investments of the whole site will amount to around EUR 130 mn.

The Straulesti Land has an area of in a magnitude of 193,000 m2 and is located in Baneasa area. Petrom will develop on an area of approx. 83,000 m2, an office complex for its Bucharest Headquarters and for other Petrom Central functions. Its completion is scheduled for December 2009.

In order to make sure that the site will be further developed on the Straulesti area and Petrom City will be surrounded by similar quality buildings and developments, Petrom has signed a Pre Sale and Purchase Agreement with Raiffeisen Evolution SRL. The contract covers the remainder of the land of approx 110,000 m2, and contains conditions which need to be fulfilled for Closing.

Petrom will keep possession of the 83.000 m2 used to develop Petrom City and believes that the transaction with Raiffeisen Evolution SRL will be closed in the second quarter of 2008. The price received will amount to approx. 70% of the Petrom City overall investments.

Werner Schinhan, Deputy CEO of Petrom: „This transaction is not only an important step for the development of Petrom City but also for the remaining land of Straulesti and the whole area of Baneasa. Petrom has secured an international reputable firm to develop this land. In combination with Petrom City this area will become a state of the art development for Bucharest with a combination of commercial and residential use and first class architectural design.“