Petrom gets half a billion euro credit from OMV

In the last three years, Petrom has invested EUR 3.56 billion in modernization programs. The company's most important objectives on the medium term are the stabilization of the oil and gas production in Romania, the transformation of Petrobrazi and the construction of a gas-fired power plant with a capacity of 860 megawatts. The modernization of Petrom's refining activities will be completed in 2011 with the full benefits expected in 2012, the company has said.
The oil firm is also evaluating the possibility of diversifying its energy sources and the development of its own gas storage facilities.
Petrom reported at the end of Q3 last year a net profit of EUR 629 million, representing an increase of 48 percent, as a result of the high price of oil on international markets. At the end of Q3 last year, the company announced a turnover of EUR 3.64 billion.
Petrom is controlled by Austrian oil and gas company, OMV, which acquired a share package of 50.1 percent from the Romanian state in 2004.
Dana Ciuraru