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Petrom strengthens the Gas Marketing Department

  • Gas marketing to be one of the main Petrom activities
  • The objectives of the Gas Department to sustain the company growth

Petrom, the largest oil and gas producer in the South East Europe, set up its own Gas Marketing Department and fully took over Petrom Gas SRL. Petrom intends to expand its gas business until 2010, by setting up a gas marketing segment. „Petrom extracts approximately 6 billion cubic meters of natural gas per year which places us on the top of the Romanian gas producers. The measures taken to increase the efficiency in the gas segment, including the set up of the Gas Marketing Department, will soon get us to the leading position in this field in Romania”, said Mr. Gheorghe Constantinescu, Chief Executive Officer of Petrom.

Until 2010, following its expansion in the new market segments, Petrom will obtain a gas sales volume bigger than 7 billion cubic meters in Romania and will reach a market share of more than 35%. The set up of the Gas Marketing Department of Petrom should facilitate the fulfillment of these new and challenging objectives. Petrom plans substantial investments and an increase in its gas production. In addition Petrom will develop a strategy regarding distribution channels, efficient organization of sales and establishing long term relationships with clients. In order to have a strong base to set up its marketing activities as the largest gas producer in Romania, Petrom became the only owner of the company Petrom Gas SRL, already beginning of 2005.

Petrom supports the permanent growth of the gas business in Romania, as the natural gas is the prevailing main energy resource and will leverage the opportunities created by the gas market liberalization.

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 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.