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Press statement 260111

We do not comment either on the information or the allegations regarding oil companies.

We are a listed company, with a high level of transparency and the result of our activity, our pricing policy as well as other relevant information have been comprehensively communicated. All our financial indicators are calculated based on international and Romanian standards and audited by one of the top auditing companies in the world. We are ready to continue to respond to any requests coming from authorities.

Petrom’s prices have a dynamic evolution based on the international fuels quotations as well as competition on the market. In addition, the prices are influenced by the fiscal policy and the exchange rate.

The tax component represents around half of the fuel price.

Petrom reflects the international quotations for oil products in a moderate manner.

Petrom prices remain among the lowest in Romania, and the average prices applied by fuel operators in Romania are among the lowest in the European Union.

We do not comment the way in which ANAF interpreted the information provided by the oil companies.

Based on our figures, figures which were presented to ANAF during the fiscal inspection, the gasoline price developed as following:

Price evolution diesel* 
*Calculation based on average monthly Petrom reference prices.

Price evolution gasoline* 
* Calculation based on average monthly Petrom reference prices.

Petrom is the largest contributor to the State Budget, with more than EUR 9 bn in the last 5 years and 9 months. Petrom’s contribution represented around 12 % in direct contributions to the state budget in 2009. The taxes are calculated observing the legal stipulations and are paid in time.

Petrom is the largest investor in the energy sector, with more than EUR 6 bn in the last 5 years and 9 months. Petrom’s investments in 2009 equalled around 20% of the public investments from the State Budget or 3.3% of the total investments.

Petrom Group
Petrom Group is the largest oil and gas group in South-eastern 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 South-eastern 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 the European growth belt holds a 51.01% share in Petrom. OMV is active in 12 Central European countries in its Refining and Marketing business segment and in 16 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.