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May 30, 08:40

OMV Petrom completes EUR 600 mln refinery modernization in Romania

Oil and gas company OMV Petrom has recently completed the modernization of Petrobrazi Refinery in Romania, following investments of EUR 600 million, carried out in the last four years. The main objective of the modernization program was to increase competitiveness.

“Petrobrazi’s modernization was a necessary step in adapting to the specific market in Romania, which has changed substantially from when the refinery was designed. The increased production of diesel fuel, resulting from the modernization process, will help reduce Romania’s diesel fuel imports, with positive impact on the current account deficit,” said Mariana Gheorghe, CEO of Petrom, cited by local Agerpres.

Austrian OMV is the majority shareholder of OMV Petrom, while the Romanian state holds a stake of 20.6% in the company, via the Ministry of Economy, the Department for Energy.

Irina Popescu, [email protected]

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