- Petrom will hold the controlling stake in Rafiserv Petrobrazi and Rafiserv Arpechim
- The acquisitions aims to improvement of the maintenance services in Petrom’s refineries
Petrom, the largest oil and gas producer in the South Eastern Europe, will acquire the controlling stake in Rafiserv Petrobrazi and Rafiserv Arpechim, which presently provide services for Petrobrazi and Arpechim refineries. The acquisition of the two companies will ensure the improving of the maintenance activities in both refineries, according to the company program of modernization and increasing efficiency, up to 2010.
During the meeting held on October 18, 2005, the Board of Directors of Petrom approved the acquisition of 89,8386% of the share capital of Rafiserv Petrobrazi and 98,8556 % of the share capital of Rafiserv Arpechim.
These companies provide services such as maintenance, revamping for the two refineries of Petrom and are employing former Petrom employees.
The management of Petrom considers that the improvement of the maintenance activity in the refineries is a key issue to be addressed in order to achieve the overall efficiency standards, the acquisitions constituting the basis for a more efficient organization and for increasing the quality of services.
These acquisitions are subject to certain conditions precedent, amongst which the authorization by the Competition Council.
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 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.