OMV appoints new board at Romania's Petrom oil firm

Jan 12, 2005 01:00 AM

Romania's largest crude oil company Petrom shareholders have elected a new Board of Directors.
Under the privatisation agreement, OMV has proposed four members. The Romanian Government proposed two further members and one member was jointly proposed by OMV and the Romanian government.

The newly elected Board of Directors replaces the Interim Directors who resigned on January 11 and were released from their duties by the general meeting of shareholders.
The new Board of Directors of Petrom consists of seven members, four of which are the OMV Executive Board -- Wolfgang Ruttenstorfer, Gerhard Roiss, David C. Davies, Helmut Langanger, with OMV CEO Wolfgang Ruttenstorfer acting as President of the Board of Directors.

The two Board members appointed by the Romanian Government are Dorin Mucea and Sebastian Vladescu.
Furthermore one member jointly nominated by OMV and the Romanian government will be Mariana Gheorge of EBRD. The Managing Committee of Petrom has been already appointed by the Interim Directors and will remain unchanged.

The new management and the Board of Directors expressed their trust and faith in the company and its employees. The combination of Petrom and OMV will work as a strong and capable force through the region of Central and Eastern Europe with the ambition to further grow and improve the company's current position.
Petrom will use the proceeds of the capital increase to strengthen its upstream business, modernise the refineries and infrastructure related thereto and further improve and modernise the retail network.

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 bn boe, refining capacity of 8 mm tons and 600 filling stations. In 2003 the sales revenue of the group was EUR 2.031 bn, EBITDA was EUR 342 mm and the EBIT was EUR 26 mm.
With OMV Group sales of EUR 7.64 bn and a workforce of 6,137 employees in 2003, as well as market capitalization of more than EUR 6.5 bn, OMV Aktiengesellschaft is Austria's largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries and has set the goal of doubling its 2001 market share to 20 % by 2008.

In Exploration and Production (E&P) OMV is active in 17 countries on five continents. In the Gas business segment OMV has storage facilities and a 2,000 km long pipeline system, transporting 41 bn cm of natural gas annually to countries such as Germany and Italy. OMV owns integrated chemical and petrochemical plants, and has a 25 % stake in Borealis, one of the world's leading producers of polyolefin.
Other important holdings are: 51 % of Petrom, 50 % of Econgas, 45 % of the Bayernoil refining network, and 10 % of the Hungarian company MOL.

With the closing of its acquisition of a majority stake in Petrom in December 2004, OMV has become the largest oiland gas group in Central Europe, with oil and gas reserves of around 1.4 bn boe, daily production of around 340,000 boe and an annual refining capacity of 26.4 mm tons.
OMV now has over 2,394 filling stations in 13 countries. The market share of the group in the R&M business segment in the Danube Region is now approximately 18 %. Petrom will be consolidated in the 2004 balance sheet and in 2005 it should already contribute to OMV's financial results.

Source: InvestRomania
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