Petrom: Difference between revisions
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As a consequence, [[OMV]]/Petrom has a de facto monopoly on the oil production of [[Romania]]. Moreover, the state did not impose price controlling clauses in the privatization contract, so that [[Romania]]n-produced petroleum is sold in [[Romania]] at the same price as imported petroleum. |
As a consequence, [[OMV]]/Petrom has a de facto monopoly on the oil production of [[Romania]]. Moreover, the state did not impose price controlling clauses in the privatization contract, so that [[Romania]]n-produced petroleum is sold in [[Romania]] at the same price as imported petroleum. |
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Internal company manoeuvres allowed the price to increase. As reported in Evenimentul |
Internal company manoeuvres allowed the price to increase. As reported in [[Evenimentul Zilei]] (a leading daily newspaper in [[Romania]]), translated from [[Romanian language|Romanian]]: |
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::''At Petrom, 159 litres of gas cost 197 dollars. The price is 15 times bigger than the extraction costs from Romanian reserves. Freshly extracted, one oil barrel is worth 12 dollars, but the price increases to 46 dollars as it reaches the gates of the refinery.'' |
::''At Petrom, 159 litres of gas cost 197 dollars. The price is 15 times bigger than the extraction costs from Romanian reserves. Freshly extracted, one oil barrel is worth 12 dollars, but the price increases to 46 dollars as it reaches the gates of the refinery.'' |
||
::''The [[OMV]]-Petrom case must be clarified. A simple computation shows that simply "selling" the oil between the Exploration-Extraction Division and the Refining Division brings [[OMV]]/Petrom a profit of some 32 dollars per oil barrel.'' |
::''The [[OMV]]-Petrom case must be clarified. A simple computation shows that simply "selling" the oil between the Exploration-Extraction Division and the Refining Division brings [[OMV]]/Petrom a profit of some 32 dollars per oil barrel.'' |
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==References== |
==References== |
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{{reflist}} |
{{reflist}} |
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Revision as of 06:23, 2 May 2011
 | This article may require copy editing for grammar, style, cohesion, tone, or spelling. (December 2010) |
| File:PETROM.png | |
| Company type | Subsidiary of OMV (BVB: SNP) |
|---|---|
| Industry | Petroleum |
| Founded | 1991 |
| Headquarters | Bucharest, Romania |
Key people | Mariana Gheorghe, CEO |
| Products | Petroleum products, Petrochemicals, Microelectronics chemicals |
| Revenue |  278 million EUR (2008) (Revenues can not be negative, appears that they may have meant change in revenues or net income) |
 321 million EUR (2007) | |
| Total assets | € 13.19 billion RON[[[Petrom#{{{section}}}|contradictory]]] |
Number of employees | 27.700 (2010) |
| Parent | OMV |
Petrom (BVB: SNP) is a Romanian oil company, the largest corporation in Romania and the largest gas and oil producer in Eastern Europe operating in several countries:
- Romania - largest company;
- Moldova - 2nd largest company, 31% market share;
- Bulgaria - 3rd largest company, 18% market share;
- Serbia and Montenegro - 3rd largest company, 13% market share.
History
In late 2004, Petrom was privatized by the Romanian state and sold to Austrian oil company OMV. As of 2005[update], it was the largest privatization deal in Romania's history. OMV controls 51% of Petrom's shares. The other shareholders are the Romanian state (40.74%), EBRD (2.03%), and others (6.23%).
Apart from its operations in Romania, the company operates in Bulgaria, Serbia, Hungary, Moldova, Kazakhstan, Iran and Russia. In Moldova it operates 73 filling stations, being one of the leading oil companies, alongside Lukoil. In Hungary there are 2 Petrom filling stations.
Petrom owned until 2005 a number of six offshore drilling platforms of which five, GSP Atlas, GSP Jupiter, GSP Orizont, GSP Prometeu and GSP Saturn were sold to Grup Servicii Petroliere for US$100 million.[1]
In January 2006, Petrom purchased OMV's operations in Romania, Bulgaria and Serbia and Montenegro.[1] As a result of the transaction, 178 OMV stations operating at the highest standards belong now to Petrom and will continue to operate under the OMV brand. With significant investments of €500 million until 2010 in the Marketing business alone, Petrom will consolidate its leading market position in SEE.
See also: Rompetrol
In 2007 the company produced 5.5 billion m3 of natural gas and 191,000[2] bpd of crude oil.
In 2007, Petrom signs the construction contract for Petrom City, the new company headquarters.
In 2008, Petrom signed a contract to build power plant Brazi with the consortium of General Electric and Metka. The consortium will build and deliver turnkey by September 2011, will be producing electricity and steam combined cycle, which will run on natural gas. The contract value exceeds 400 million Euro.
From 1st of January 2010, the Extraordinary General Meeting decided to change the name of Petrom oil company to OMV Petrom. [3].
In April 2010, Petrom expanded portfolio of it’s projects in terms of electricity production through the acquisition of 100% of the SC Wind Power Park SRL. Dobrogea Wind Power Park holds a draft of wind power generation for which all permits were obtained, with a capacity of about 45 MW. Petrom will build and operate a wind powerplant, which is expected to enter production in mid 2011. [4].
From October 1st 2010, Petrom has completed the consolidation of marketing activities in Romania in a single entity, OMV Petrom Marketing SRL. [3].
In December 2nd 2010, Petrom inaugurated Petrom City, which houses the headquarters of the company's core activities. Located in the northern area of Bucharest, it will gather about 2,500 company employees in seven offices located in Bucharest and Ploiesti.
In 2010, Petrom inaugurated Hurezani gas delivery system designed to optimize gas supply to the national transport network. The system includes a new compressor station at Bulbuceni, 11.5 km of new pipe station and a new measurement of the gas delivery point Hurezani to adapt to changing parameters of the gas flow and pressure.The total investment budgeted amounts to about 135 million euros.
- 51.01% Österreichische Mineralölverwaltung OMV AG
- 20.64% AVAS (Agency for the Recovery of State Assets)
- 20.11% Property Fund S.A. (fund managing different stakes in Romanian companies, created by Romanian state in order to compensate the persons who suffered from the nationalization of their assets during the communist regime)
- 2.03% EBRD (European Bank for Reconstruction and Development)
- 6.21% Free float (around 500,000 private and institutional investors from Romania and from abroad)
Petrom and CSR
Țara lui Andrei[2], Parks for the future [3], (Park from Bucharest, Park from Moinești, Park from Pitești), Resources for the future[4], Building for the future, Support for the Future.
Petrom Cross
Petrom organized in 2008, 2009 and 2010 Petrom Cross, an event in which the company builds a bike trail meter for each participant. 4,200 feet of trail bikes have been achieved from the 2009 and 2008 editions.
Privatization controversy
The Petrom privatization was realized during the last months of the Adrian Năstase government. In December 2004, OMV obtained a 51 per cent stake in SNP Petrom SA[5].
Major Romanian newspapers published articles criticising the privatization of Petrom, on the grounds that last-minute unadvertised moves gave Petrom all of Romania's oil and gas reserves just before the privatization contract was signed. It was claimed that this move gave away the control of the country's national resources[6]
As a consequence, OMV/Petrom has a de facto monopoly on the oil production of Romania. Moreover, the state did not impose price controlling clauses in the privatization contract, so that Romanian-produced petroleum is sold in Romania at the same price as imported petroleum.
Internal company manoeuvres allowed the price to increase. As reported in Evenimentul Zilei (a leading daily newspaper in Romania), translated from Romanian:
- At Petrom, 159 litres of gas cost 197 dollars. The price is 15 times bigger than the extraction costs from Romanian reserves. Freshly extracted, one oil barrel is worth 12 dollars, but the price increases to 46 dollars as it reaches the gates of the refinery.
- The OMV-Petrom case must be clarified. A simple computation shows that simply "selling" the oil between the Exploration-Extraction Division and the Refining Division brings OMV/Petrom a profit of some 32 dollars per oil barrel.
References
- ^ "GSP vrea platforme de foraj in Marea Nordului" (in Romanian). Săptămâna Financiară. 25 May 2007. Retrieved 4 January 2011.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ Un baril din sase produsi de Petrom vine din Marea Neagra Template:Ro
- ^ a b Petrom şi-a schimbat denumirea în OMV PetromTemplate:Ro, adevarul.ro, accesed at 14 december 2010 Cite error: The named reference "st2010-12-14" was defined multiple times with different content (see the help page).
- ^ Petrom intră pe piața energiei eoliene prin achiziția Wind Power ParkTemplate:Ro, money.ro, accessed at 15 december 2009
- ^ http://romaniandaily.ro/cat53115/art1906058377
- ^ http://www.romanianewswatch.com/2007/09/interview-romanias-petrom-sale-probe.html
