Petrom sells the 82.89%stake held in Carpatina SA to Lipomin SA
- The buyer was selected based on a competitive tender selection
- The transaction will allow the company to focus on core business
Petrom, the largest oil and gas producer in South Eastern Europe, and Lipomin SA, signed today the sale purchase agreement for the stake of 82.89% held in Carpatina SA, having as core activity the bottling and selling of mineral water. “ Fully consistent with the company strategy up to 2010, the sale of the stake held by Petrom in Carpatina will allow us to focus on the core business and to successfully achieve our development objectives”, said Mr. Gheorghe Constantinescu, Chief Executive Officer of Petrom.
A competitive bidding process was organized for the sale of the stake held in Carpatina, Lipomin’s offer being the best one received.
Closing of the transaction is expected to take place in March after the fulfillment of the necessary conditions precedent.
SC Carpatina SA is a Romanian legal entity, having as core activity the bottling and selling of mineral water. In 2005, the company estimates a turnover of RON 17 million, based on sales of 38,376,639 liters of mineral water.
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.