PETROM S.A.
BVB TICKER: SNP
Address: BUCURESTI, sector 1, Calea Dorobantilor nr. 239
About the company
Petrom
SA is the largest East European oil and
gas group, with activities in the business segments of exploration
and production, refining and petrochemicals, as well as marketing.
Main products of
Petrom are petroleum products, petrochemical products and corosion inhibitors. Petrom has estimated oil and gas reserves of 1 billion boe,
a refining capacity of 8 million metric tons per year and 593 filling stations in Romania.
With
its two refineries, Arpechim and Petrobrazi, Petrom is the largest refining
operator in Romania, holding a refining capacity of 8 million tons per year.
Both refineries are connected to an extensive pipeline infrastructure allowing
crude to be transported from Petrom’s fields, as well as imported crude from
the terminal Constanta on the Black Sea.
Technological
processes allows both domestic and imported crude processing. Refineries
can deliver products by pipeline (for the domestic market and for export at
Port Constanta Terminal), by railway tanks and by road
tanks.
Apart from its operations in Romania,
the company operates in Bulgaria, Serbia, Hungary, Moldova. Kazahstan, Iran and
Russia. In Moldova it operates 73 filling stations, being one of the leading
oil companies, alongside with Lukoil. In Hungary there are 2 Petrom filling
stations.
The
research Institute for Refining and Petrochemistry (INCERP-Cercetare), located
in Ploiesti, is recognised as an important partner in the crude oil and gas
processing field. By its activity, INCERP permanently contributes to carrying
out research - development programs for refineries. At the same time, the
Institute provides services to other clients.
INCERP’s portfolio currently includes more than 360 invention patents, of which
more than 80 are actually implemented in oil refineries from Romania, Syria,
Jordan, Turkey, India, Pakistan, Albania, etc.
Refining
Division has implemented an Integrated Management System for quality and
environment certified by TUV Rheinland certification Body, according with ISO
9001:2000 and ISO 14001: 2004.
History
1997 - The
set up of the National Oil Company Petrom SA.
1998
- INCERP Ploiesti, a new subsidiary fuses with
the National Oil Company. The main objectives of the privatization strategy are
established. The association between Petrom and ELF
AQUITAINE was signed, as well as the agreement concession regarding the share
exploration and development of the Neptun Block on the Black Sea. The society
standards were drafted and approved at the same time with the appearance on the
market of: Super Plus unleaded gasoline, the first 20W40 oil engine of the RO3
products. Plus unleaded gasoline, the first 20W40 oil engine of the RO3
products. The Licence for exploration and commissioning for the Jusaly
Kazakhstan perimeter was obtained. The Orizont Platform performed drilling
works for the Energy Company in Bangladesh. The set up of Petrom Hungary KFT branch and Petrom representations in
Azerbaijan and Moldavia.
1999
- Petrom discovered the biggest Romanian oil
field in the last 25 years on the
2000
- The inaugurating of one of the most modern
hospitals in Romania at the Petrom Videle
subsidiary. In Hungary, the development of Petrom's oil products distribution
network continues by the construction of new filling stations in Nagylak,
Szeged, Budapest and Hegyshalom. The negotiations for the set up of a strategic
alliance between Petrom, KAZAHOIL and KAZTRANSOIL in
order to create a crude oil pipeline from Kazakhstan to East and Central. The
development of Petrom oil products distribution network in the Republic of
Moldavia began by the purchase of four filling stations. 62 and 62 bis Pescarus
Wells were finished and the 63 Pescarus Well began drilling. In view of
collecting and separating crude oil and natural gas in parks, Petrom continued
to construct and modernize over 30 parks (15 parks were already in operation),
some of them being finished in the first semester of 2001. The construction of
9 new, ecological separating parks and the modernization of another 28. The
BLUE LINE began operating, a non-stop telephone line for the public. The
modernization of 40 distribution stations and 3 new filling stations.
In Kazakhstan: the negotiations in view of purchasing of 95% of the social
shares of the Kazakhstan company Oztyurk-Munai Ltd. In Iran: a permanent
representative in Teheran studies the local market in order to find cooperating
opportunities with Iran, so that Petrom could open a representation in this
country. In Hungary: the construction of the filling station and car wash in
Nagylak; Petrom Hungary performed repair works, created the industrial railway infrastructure
and put into operation the Telekgerendas oil products depot. In Moldavia: The
opening of the first oil products distribution station in Chisinau and the
final works at the Ceucari complex, which began operating in March 2001. In
December, the transfer agreement between ELF Petroleum Romania BV, owned by ELF
Aquitaine, and CONOCO U.K. Limited was signed. The launching of RO3 20W40 Super
3 multigrade motor oil.
2001
- The construction and modernization of 24
separating parks. The distribution department infrastructure: 162 depots, 669
filling stations of which 578 are gas stations and 91 domestic use stations, 24
auto gas filling skids.
3 new filling stations began operating, 54
were modernized and ecological and modernization works were performed at 10
depots. In Kazakhstan Alma Ata: the first well is drilled and the second one is
finished in 2002.
In Iran the opening of a Petrom Representation in Teheran in order to promote
the company's purposes on this market. Greece: in December,
the Sea Drilling Contract was signed with Kavala Oil, for drilling works on the
ATLAS platform, in the Greek territorial water. Environment protection:
Doljchim subsidiary obtained the environment license.
In September the Petrom shares were listed at Bucharest Stock Exchange. Eurobonds
issue: in July, MPF approves the launching by SNP Petrom of Eurobonds issues
and Luxembourg Stock Exchange approves the listing.
2002
- January 2002 - externalization of the
mechanical and energetic activities out of Petromar Constanta branch (785
employees). March - externalization of Petroserv branch who was taken over by
SC Petrom Service SA along with its personnel. April - beginning of the
privatization process thorugh the publishing in the Romanian and international
press of the announcement for the selection of the consultant and 12 banks
submitted their interest letters; seven of them were selected. August - signing
the agreement with EBRD for the amount of USD 150 mn which represented a
pre-privatization syndicate loan. October - improvement of the Fitch rating of
the debts that are not guaranteed by the state and the eurobonds issue of EUR
125 mn from B+ to BB. November - the Board of Directors approves the purchase
of 19 lands in Yougoslavia with the purpose of building filling stations. December
- nominalization of the privatization consultant namely the syndicate formed of
Credit Suisse Boston and ING Barings Limited.
2003
- January - Initiation of the first milestone
of the privatization process. Preparation for the privatization. February
- divestment of the maintenance activities of Arpechim and Petrobrazi
activities (2,630 employees - 1,598 from Arpechim and 1,032 from Petrobrazi. May
- End of the first milestone of the privatization process, resulting in a
feasibility study of the privatization including the company assessment,
presentation of the privatization options and plan. August
- End of the first stage of the privatization process along with the approval
of the privatization strategy of SNP Petrom as per the Government Act no 924 of
August 14, 2003 followed by the press announcement for the submission of
interest letters on August 26, 2003 September - Submission of interest letters
by 15 companies and consortiums interested by the take-over of the company out
of which 11 companies were selected as they met the qualification criteria. October
- Distribution of the Presentation File and access to the Data Room by the
potential 11 buyers. November - Submission of preliminary offers by 7 of the 11
selected companies.
2004 - Submission of engaging
offers. Selection of companies OMV, Occidental and MOL for negotiations. Acquisition
of 51% of the share capital by OMV Austria with the biggest privatization
deal in Romania so far.
2005 - Petrom's structure was
reorganized into six divisions, out of which three are operational ones Launching
the new concept "Full Agency" New products launched on the market:
Top Premium 99+ and Top Nordic Diesel Petrom has started three programs of 3D
seismic exploration in Romania Petrom is helping the victims of the floods with
over EUR 1 300
000. Petrom anounces the new prices policy. Petrom
launches the first PetromV filling station. Petrom won the exploration licenses
for three new blocks in Romania.
2006 - In January Petrom purchased OMV's operations in Romania, Bulgaria
and Serbia and Montenegro. 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.
Major shareholders
|
Shareholder |
Shares |
Percent |
|
OMV AKTIENGESELLSCHAFT |
28,894,467,414 |
51.01% |
|
A.V.A.S |
11,690,694,418 |
20.63% |
|
FONDUL PROPRIETATEA S.A. |
11,391,130,186 |
20.11% |
|
OTHER SHAREHOLDERS |
4,667,816,317 |
8.23% |
|
Total No. of Shares |
56,644,108,335 |
|
Nominal Value |
0.1000 |
|
Share Capital |
5,664,410,833.50 |
Annual financial information (Key financials)
|
|
2006(RON) |
2005(RON) |
2004(RON)* |
|
Fixed assets - Total |
13,092,904,752.00 |
10,609,243,769.00 |
9,589,400,247.40 |
|
Current assets - Total |
6,276,870,106.00 |
7,131,081,628.00 |
6,023,749,546.90 |
|
|
|
|
|
|
Debtors - due within one year |
2,257,229,755.00 |
2,230,916,538.00 |
1,257,378,016.80 |
|
Current assets/Net current liabilities |
4,016,232,131.00 |
4,921,569,778.00 |
4,772,078,118.50 |
|
Total assets less current liabilities |
17,100,585,546.00 |
15,522,569,796.00 |
14,353,542,129.80 |
|
Debtors - due after more than one year |
22,141,012.00 |
34,900,751.00 |
530,378,891.40 |
|
Revenues in advance |
101,676,497.00 |
- |
58,597,213.70 |
|
|
|
|
|
|
Subscribed paid up capital |
5,664,410,834.00 |
5,600,050,608.00 |
5,600,050,607.80 |
|
Shareholders equity - Total |
12,324,704,630.00 |
10,727,089,837.00 |
9,392,111,257.40 |
|
|
|
|
|
|
Total receivables |
1,360,715,806.00 |
- |
776,329,526.50 |
|
Total liabilities |
2,279,370,767.00 |
- |
1,787,756,908.20 |
|
|
|
|
|
|
Net turnover |
13,078,308,815.00 |
10,760,228,198.00 |
8,687,896,678.80 |
|
|
|
|
|
|
Operating income - Total |
13,415,789,582.00 |
10,973,183,377.00 |
9,139,245,173.40 |
|
Operating expenses - Total |
10,638,401,293.00 |
9,088,984,358.00 |
9,720,395,285.10 |
|
Operating result |
2,777,388,289.00 |
1,884,199,019.00 |
-581,150,111.70 |
|
|
|
|
|
|
Financial income - Total |
517,245,405.00 |
569,200,252.00 |
393,200,678.20 |
|
Financial expenses - Total |
748,466,721.00 |
769,976,063.00 |
636,050,149.40 |
|
Financial result |
-231,221,316.00 |
-200,775,811.00 |
-242,849,471.20 |
|
Current result |
2,546,166,973.00 |
1,683,423,208.00 |
-823,999,582.90 |
|
|
|
|
|
|
Extraordinary income |
0.00 |
0.00 |
0.00 |
|
Extraordinary expenses |
0.00 |
0.00 |
0.00 |
|
Extraordinary result |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Total revenues |
13,933,034,987.00 |
11,542,383,629.00 |
9,532,445,851.60 |
|
Total expenses |
11,386,868,014.00 |
9,858,960,421.00 |
10,356,445,434.50 |
|
|
|
|
|
|
Gross result |
2,546,166,973.00 |
1,683,423,208.00 |
-823,999,582.90 |
|
Net result |
2,285,490,203.00 |
1,416,422,558.00 |
-973,677,328.20 |
|
Result per share |
- |
0.0300 |
- |
|
|
|
|
|
|
Back payments - Total |
68,783,827.00 |
- |
- |
|
Back payments for suppliers - Total |
68,777,408.00 |
- |
- |
|
Back payments of liabilities to the social insurance budget
|
0.00 |
- |
- |
|
Taxes which are not paid to the State budget upon payment
date |
0.00 |
- |
- |
|
|
|
|
|
|
Average number of employees (only full time employees)
|
37649 |
48445 |
- |
|
|
|
|
|