OMV Petrom commissions EUR 40 mln gas desulfurization unit at Petrobrazi refinery in Romania

Oil and gas company OMV Petrom recently commissioned the new gas desulfurization and sulfur recovery unit at its Petrobrazi refinery, following a EUR 40 million investment. This was part the modernization program initiated in 2010, which should end in 2014, following a total investment of EUR 600 million. Around EUR 500 million have already been invested. The new unit determines a reduction in the refinery polluting emissions, in line with European levels, thus contributing to a cleaner environment. In addition, the new unit will have a positive impact on the energy efficiency of the refinery. The next steps consist of expanding the capacity of the gas oil hydro treating unit and fluid catalytic cracker unit as the last stage in the efficiency increase process of the refinery and improvement of white products yield. OMV Petrom is the largest oil and gas group in South-eastern Europe, with activities in exploration and production, gas and power as well as refining and marketing. As of the end of 2012, the group exploited proved oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan, thereof 750 mn boe in Romania. OMV Petrom sells oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. OMV Petrom operates a 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu. In 2012, the group’s turnover was EUR 5.89 billion, while its EBITA was of EUR 1.2 billion. OMV, Austria’s largest listed industrial company holds a 51.01 percent share in OMV Petrom. The Romanian Ministry of Economy holds 20.64 percent of OMV Petrom shares, the Proprietatea Fund holds 18.99 percent, the European Bank for Reconstruction and Development 1.62 percent and 7.74 percent is free float on the Bucharest Stock Exchange. editor@romania-insider.com (photo source: OMV Petrom)