OMV Petrom invested 600 million Euros in Petrobrazi refinery

OMV Petrom, part of the Austrian OMV Petrom group, has completed the modernization program of its Petrobrazi refinery near Ploiesti, conducted in the period 2010-2014

2014-10-04 12:13:15 - From the Print Edition

The required investment of about 600 million Euro comes from the total funds allocated from privatization in 2004 rising to 1.1 billion Euro. "The Modernization of Petrobrazi was a necessary step to adapt to the specific market in Romania, which has changed substantially from when the refinery was designed," said Mariana Gheorghe, general manager of OMV Petrom, quoted by Adevarul. "Increased oil production, resulting from the process of modernization, will help to reduce oil imports into Romania, with positive impact on the current account deficit," she added.
Following the modernization program, Petrobrazi can now process the whole oil production of OMV Petrom in Romania. The Diesel fuel and kerosene will count for up to 45 per cent in the grid of products obtained at Petrobrazi, while Diesel fuel production is more than 60 per cent higher than in 2009. Also, according to the company, upgrading and refining capacity adjustment is a positive impact on refinery efficiency contributing to a reduction in total energy consumption by about 40 per cent compared to 2004. The OMV shareholders are Austria OMV Petrom with 51.01 per cent, the Romanian state through the Ministry of Economy with 20.64 per cent, Fondul Proprietatea with 18.99 per cent and the rest of 9.36 per cent is free floating on Bucharest Stock Exchange.
Besides Petrobrazi, only two refineries are operating in Romania; Petromidia, owned by KazMunayGas of Kazakhsta, and Petrotel- Lukoil, controlled by Russian Lukoil group.