Petrom successfully finalized consolidation of marketing activities from Romania
October 1, 2010
- Consolidation of marketing activities of Petrom Group in Romania into OMV Petrom Marketing SRL to become effective as of October 1st, 2010
- Consolidation to generate significant benefits at Petrom Group level
Petrom, the largest oil and gas producer in Southeastern Europe, finalized the consolidation process of marketing activities of Petrom Group in Romania into a single entity, namely OMV Petrom Marketing SRL.
Therefore, the transfer of parts of Petrom assets related to marketing business and of all assets belonging to MP Petroleum Distribuție SRL to OMV Petrom Marketing SRL will become effective starting October 1st.
The purpose of this consolidation process of marketing activities of Petrom Group in Romania was to bring together activities that had been performed through three legal entities - OMV Petrom SA, M.P.Petroleum Distribuţie SRL and OMV România, in a single legal entity. The activities’ consolidation was done following two operations: spin-off of assets and liabilities related to Petrom marketing activities and the merger through absorption of M.P. Petroleum Distributie SRL to OMV Petrom Marketing SRL (former OMV Romania).
Rainer Schlang, member of Petrom Executive Board, responsible for Marketing and sole administrator of OMV Petrom Marketing SRL: “The consolidation of marketing activities has been a very complex process, in which teams from different divisions took part, and during which we had consultations with many stakeholders, and the fact that we managed to complete it at the committed date is a real accomplishment. We will thus benefit from an efficient coordination of this activity and from more flexibility and promptitude in responding to market challenges”.
The consolidation of marketing activities into one entity will bring a series of benefits:
Improved coordination of companies’ activity and enhanced value creation by taking advantage of synergies at group level;
Optimization of organization and implementation of common standard business processes will bring increased cost efficiency;
Faster decision making process and flexible business management;
One single interface for all clients.
OMV Petrom Marketing, a company 100% owned by Petrom, performs the fuel distribution activity of Petrom Group in Romania, through the filling stations networks Petrom and OMV.
The company operates 546 filling stations, out of which 389 Petrom and 157 OMV.
Petrom Group is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. The Group consolidated its position on the oil market in Southeastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 5 bn during the last five years.
In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 854 mn boe (in Romania 823 boe) and has a maximum annual refining capacity of 8 mn tons.
On the distribution market of oil products, Petrom Group is present through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. The activity in Romania is performed through OMV Petrom Marketing, 100% owned by Petrom. OMV Petrom Marketing operates 546 filling stations, out of which 389 are Petrom and 157 OMV. The Group also owns an international network of approximately 250 filling stations, located in Republic of Moldova, Bulgaria and Serbia.
For the Group’s sustainable development, its strategy includes business diversification by approaching the power market. In this context, Petrom is building a 860 MW gas fired power plant at Brazi and acquired the project for the construction of a 45 MW wind park.
In 2009 the Group’s turnover was EUR 3,795 mn, EBITDA was EUR 969 mn.
OMV, the leading energy group in Central and South-eastern Europe holds a 51.01% share in Petrom. OMV is active in 12 Central European countries in its Refining and Marketing business segment and in 17 countries on four continents in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% is free float on Bucharest Stock Exchange.