24 Apr 2023 08:32
OMV Petrom S.A.
Investor News
24 April 2023
OMV Petrom has started the general turnaround of the Petrobrazi refinery
► The company allocated approximately 400 million lei for the turnaround, representing maintenance and investment costs
OMV Petrom, the largest integrated energy company in South-Eastern Europe, announces the start of the general turnaround of the Petrobrazi refinery. The turnaround will take place over the course of six weeks, during which time the refinery's activity will be stopped. The company allocated approximately 400 million lei for this turnaround.
Radu Căprău, member of the OMV Petrom Executive Board, responsible for the Refining and Marketing activities: "A turnaround is an event of major importance in the activity of the refinery and requires a complex planning and risk management process. The turnaround will total more than 2 million hours of operations; more than 20 modernization projects and tens of thousands of technical checks and inspections of equipment and installations are planned. This turnaround required two years of preparation and it is mandatory to ensure the smooth and safe operation of the refinery. This planning also took into account ensuring the fuel supplies necessary for continuity in the supply of the market in Romania and the region."
25 main contracting companies will be involved in the turnaround, out of which over 80% are Romanian companies. The turnaround will be carried out with the help of approximately 6,000 people and will include technical expertise on over 600 pieces of equipment, checks on over 1,400 safety valves, pressure tests on approximately 6,000 pipes as well as checks on electrical and automation equipment.
At the same time with the turnaround, modernization works will be carried out at several installations within the refinery, such as replacing the coke drums. The previous turnaround took place in 2018, and the next one is planned for 2028.
OMV Petrom invested, between 2004 and 2022, approximately EUR 2 billion in the Petrobrazi refinery, one third of this amount being targeted to reducing the environmental impact.
About OMV Petrom
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe in 2022. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands - OMV and Petrom.
OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange and the London Stock.
OMV Petrom is the largest contributor to the state budget, with approximately 39 billion euro in taxes and dividends paid between 2005 and 2022. During the same period, the company invested approximately 17 billion euro. In 2022, the taxes paid by OMV Petrom ensured 7% of Romania's tax revenues.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2022, the company has allocated around 120 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.
On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.
Contact:
OMV Petrom Investor Relations
Tel: +40 372 161930, Fax: +40 372 868518
e-mail: investor.relations.petrom@petrom.com