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OMV Petrom completes Petrobrazi Ploiesti refinery refurbishment with 600 million Euro

The oil company OMV Petrom announced on Saturday the completion of the upgrading programme of the Petrobrazi Ploiesti refinery, after investments of 600 million Euro developed during the last four years.

2014-09-18 12:37:46

The event was attended by premier Victor Ponta, the chairman of the council for OMV supervision and CEO of OMV, Gerhard Roiss, Manfred Leitner, member of the OMV Directorate responsible for Refining and Marketing, Mariana Gheorghe, CEO OMV Petrom, Neil Anthony Morgan, member of the OMV Petrom Directorate, responsible for Refining and Marketing.

"The modernisation of the Petrobrazi refinery was a necessary step to adapt to the specific of the market in Romania, which modified substantially against the moment the refinery was designed. The increase of the diesel production, resulted as a result of the process of modernisation, will contribute to the reduction of imports of diesel of Romania, with positive impact on the current account deficit,"Mariana Gheorghe CEO Petrom said.

At the same time, Manfred Leitner, responsible with the activity of refining and marketing of OMV stated that, although initially the investment programme in the refinery had been planned at 750 million Euro, in the end the investments were only 600 million Euro.

After privatisation, the investments in Petrobrazi amounted almost 1.1 billion Euro, out of which 600 million Euro were invested in the last four years. The most recent programme of investments which was developed between 2010-2014 had as main objective the increase of competitiveness. With an adjusted capacity of 4.2 million tons per year, Petrobrazi can process the oil production of OMV Petrom in Romania. The Petrobrazi Refinery has a Nelson indicator (which shows the complexity of the installations and equipments) of 11.28, the highest in the region.

Following the process of modernisation, diesel and kerosene will have a share of up to 45 per cent in the structure of products obtained in Petrobrazi, while the production of diesel is over 60 per cent higher than in 2009. At the same time, the modernisation of the installations led to the reduction of the consumption of energy with approximately 40 per cent against 2004.

OMV, the biggest industrial company from Austria, owns 51.01 per cent of the shares of OMV Petrom. The Romanian state, through the ministry of economy, the Department for Energy owns 20.64%, the Fondul Proprietatea owns 18.99 per centand 9.36 per cent is traded freely on the BSE.



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