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  • The land and the building where the kindergarten is located are worth RON 2.6 mn
  • Petrom invested approximately RON 675,000 for modernization and equipment of kindergarten

Petrom, the largest oil and gas producer in South Eastern Europe, signed today with the Local Council of Pitesti Municipality, a protocol in order to transfer without consideration a building where a kindergarten is running, together with the respective land. The building and the land belonged to the refinery Arpechim Pitesti and their value amounts to more than RON 2.6 mn. The total area of the land is of 4,693 square meters.

Jeffrey Rinker, member of the Petrom Executive Board, responsible for Refining: “I am pleased that Petrom was able to donate this modern kindergarten to the Pitesti Municipality, which is best able to manage it for the benefit of the children and families.”

The kindergarten was built in 1974 and renovated in 2005. The modernization works amounted to a total of approximately RON 675,000.
The building located in Pitesti has a total usable area of 1,104 square meters and hosts a kindergarten and a daycare, the activity of the latter being currently stopped. The capacity of the kindergarten is for 180 children and by renovating the space for the daycare, the capacity of the kindergarten may be doubled.

As per the protocol signed with Petrom, the local Council of Pitesti Municipality has the obligation to keep the current destination of the building for a period of at least 10 years.

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, Natural Gas, as well as Sales and Marketing. Petrom exploits estimated oil and gas reserves of 1 billion boe, has an annual refining capacity of 8 mn metric tons and holds 593 filling stations in Romania. The company also has an international network of 211 filling stations located in Moldova, Bulgaria and Serbia. In 2006 the turnover of Petrom was EUR 3,709 mn, EBITDA was EUR 1,020 mn. Following the share capital increase OMV, the leading oil and gas group in Central Europe holds a 51.011% share in Petrom. OMV is active in 13 Central European countries in its Refining and Marketing business segment and in 20 countries on five continents in Exploration and Production. AVAS (Authority for State Assets Recovery) holds 20.64% of Petrom shares, Property Fund SA holds 20,11%, the European Bank for Reconstruction and Development 2.026% and 6.214% are owned by minority shareholders.