ROMPETROL’S SUCCESS STORY . ENERGY—Romania’s Forum on Oil, Gas and Energy Bucharest, June 16, 2005. Table of contents. The Rompetrol Group Profile Rompetrol History Privatization Attempts The Turnaround of Rompetrol Rafinare Structure of Romanian Oil Industry
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ENERGY—Romania’s Forum on Oil, Gas and Energy
Bucharest, June 16, 2005
1974 - Established as the international operator of the Romanian oil industry
1993 - Privatized by Management and Employee Buy Out (“MEBO”) and turnover subsequently reduced to below $6 million by 1998
1998 - Control purchased by Dinu Patriciu and local investor group
1999 – Holding company established as The Rompetrol Group (‘TRG’) in the Netherlands
1999 – First major acquisition. The Vega refinery – located in Ploiesti – is bought and doubles its revenues in the first nine months after take-over
2000 - Private equity investment by US-managed Romania & Moldova Direct Fund, L.P.
2000 – Rompetrol takes over Petros – at that time Romania’s principal oilfield operator. The company has since been renamed Rompetrol Well Services, which is now listed on RASDAQ, Romania’s OTC market.
2001 – The Group’s largest acquisition, Petromidia S.A., is also Romania’s largest and most sophisticated oil refinery. Rompetrol committed itself to a sustained modernization process to make Petromidia a state-of-the-art facility in Eastern and Central Europe
2001 – Rompetrol creates Rominserv, Romania’s first Engineering Procurement Construction & Maintenance (EPCM) company focusing on the oil industry.
2002 – OMV of Austria buys 25.1% of TRG NV; RMDF exits; OMV Chairman Dr. Wolfgang Ruttenstorfer joins TRG Board.
2002-2003 – Rompetrol opens subsidiaries in neighboring Republic of Moldova (Rompetrol Moldova) and Bulgaria (Rompetrol Bulgaria)
2004 – OMV takes over Petrom and sells its 25.1% stake in TRG back to management
Crude Supply - considerations
Types of crude used
Crude Oil Prices
Evolution of MTBE % in unleaded gasoline
Production – 100% sour crude into 100% euro standard fuels
80% Dinu Patriciu