Austrian group OMV, the owner of the biggest company in Romania, Petrom, has invested so far 1.3 billion euros in the Romanian company, by almost 296.4 million euros more versus the obligations assumed in the privatization contract.
Most of the funds targeted the drilling and production sector, almost three times bigger than the funds for the refining arm. Constantin Botez, vice-president of the State Assets Privatization Authority (AVAS), says the OMV investments in Petrom stood at 841.8 million euros in the drilling and production sector and 285 million euros in the refining one. The Austrian company allotted 167.7 million euros for marketing. The lowest investments – some 3.5 million euros – were made in the chemical products sector. Thus, OMV has confirmed the strategy according to which it will prioritize the basic activities of Petrom.
AVAS has announced recently that, by end of November, it will verify the report sent by the majority shareholder of Petrom. AVAS announced early September that OMV had observed the clauses on keeping the activity profile, number of employees and environmental-protection obligations.
The OMV officials announced one year ago that Petrom would make investments of over 3 billion euros by 2010.
The Austrian group took over effectively on 14 December 2004 a 51.01% stake in Petrom, following a transaction of 1.5 billion euros (cash plus capital rise). AVAS holds 20.64% in Petrom, Property Fund – 20.11%, EBRD – 2.02%, and a 6.21% stake is held by several individuals and firms.
Petrom is the leader of the internal market of fuels distribution, where it is followed by Rompetrol.
Petrom estimates 2007 net profit of 500 million euros, by 25.9% lower than in 2006, and a turnover of 3.16 billion euros.
Petrom estimates 2007 net profit of 500 million euros, by 25.9% lower than in 2006, and a turnover of 3.16 billion euros.
Loading ...
Comentează acest articol