Petrom oil corporation and Uhde, part of Germany’s Thyssen Krupp group of companies, have signed a 90-million-euro contract for the construction at Petrobrazi of a petrol desulphurising installation, Petrom reports in a press release.
Petrom official Neil Morgan in charge with the refining business of the corporation says the construction of this facility will mark a switchover to the production of low-sulphur petrol. Petrom’s upgrading projects are geared toward the production of fuels that meet the European Union quality and environmental standards, he says, adding that in 2009. Petrom will supply to the Romanian market Euro 5 fuels exclusively that will have a sulphur content of 10 parts per million (ppm).
The commissioning of the new installation is scheduled for early 2009.
Thanks to its own refineries – Pterobrazi and Arpechim – Petrom has an annual refining capacity of 8 million tonnes, which makes up 40% of Romania’s total crude refining capacities. The two refineries are putting out fuels that meet the European environmental and quality norms.
The most important objectives of Petrom on the refining segment includes increasing the refining capacity of Petrobrazi to 6 million tonnes a year and improving refining efficiency.
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 0.9 billion boe, has an annual refining capacity of 8 million tonnes and holds around 550 filling stations in Romania. The company also has an international network of 257 filling stations located in Moldova, Bulgaria and Serbia. In 2007 the turnover of Petrom was 3,683 million euros, and its earnings before interest, taxes, depreciation and amortisation (EBITDA) was 933 million euros.
OMV, the leading oil and gas group in Central Europe holds a 51.011% stake in Petrom.
OMV operates in 13 Central European countries on the Refining and Marketing business segment and in 21 countries on five continents in Exploration and Production.
The Authority for State Assets Recovery (AVAS) holds 20.64% of the shares in Petrom, the Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.026% and 6.214% of the shares are jointly owned by minority shareholders.
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