Statement from Petrom CEO, Mariana Gheorghe
Petrom’s management took note about the statements made by the Romanian President and we understand the reasons that determined the decision to make public the privatization contracts in the energy sector.
At this time, I would like to highlight the fact that Petrom is the largest Romanian company, with the largest contribution to the state budget and its economic development after privatization has brought and will bring substantial benefits to all stakeholders, including the Romanian state.
The benefits are not limited to the distribution of a larger profit among all shareholders but also to bigger contributions to the state budget and investments of over 3 bn. Euro. The investment effort - which is probably the largest budget allocated by a company in the energy sector - will be mostly used within and for Romania.
Petrom, as part of the OMV Group, has the potential to become an important player on the regional energy market. We are aware of our economical and social responsibility and the increase of energy security for Romania is and will remain a priority for Petrom. As before, we want to contribute directly to the creation of the country’s energy supply security.
I trust that all disputes in this period will consider the wellbeing of Romanians, as my concern goes towards the employees and shareholders of Petrom.
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Petrochemicals, Natural Gas, as well as Sales and Marketing. Petrom exploits estimated oil and gas reserves of 1 billion boe, an annual refining capacity of 8 million metric tons and around 550 filling stations in Romania. The company also has an international network with 82 filling stations located in Moldova and Hungary. This network was increased by 178 OMV premium stations in Romania, Bulgaria and Serbia-Montenegro, acquired in January 2006. In 2005 the turnover of Petrom was EUR 2,970 million, EBITDA was EUR 766 million. Following the share capital increase OMV, the leading oil and gas group in Central Europe holds a 51,011% share in Petrom. OMV is active in 13 Central European countries in its Refining and Marketing business segment and in 18 countries on five continents in Exploration and Production. The Romanian state holds 30.862% of Petrom shares, Property Fund SA holds 9,887%, the European Bank for Reconstruction and Development, 2.026% and 6.214% are owned by minority shareholders.