Source - RNS
RNS Number : 6927K
OMV Petrom S.A.
12 April 2018
 

Turnaround starts at Petrobrazi Refinery

 

 

u Petrobrazi turnaround is scheduled to start on April 13th and will last approximately six weeks, with the refinery being shut down during this period

u Project value (investment and costs) exceeds EUR 45 mn and covers modernization and maintenance works

 

On April 13, OMV Petrom will start works for the periodical turnaround of Petrobrazi Refinery. The production in the refinery will be shut down for six weeks during the full-site turnaround.  The turnaround will consist of maintenance works, inspections and verifications of facilities as well as modernization investments for a series of the main units of the refinery.

Following completion of the modernization works planned for this year, the mean time between turnarounds will increase to four years, with the next turnaround scheduled for 2022. Before 2014, turnarounds of this type were performed annually and, after the finalization of Petrobrazi modernization program, the mean time between turnarounds was extended to two years.

"We have been planning this turnaround for two years. We want to reassure you that, although the refinery will be shut down for six weeks, we have taken measures to ensure that this will not impact the fuel distribution network. What's more, tens of thousands of interventions are planned for the turnaround. The upcoming maintenance and modernization works give us the confidence that the refinery will function safely for the next four years and the environmental impact will be further reduced. Also, we estimate that the Petrobrazi turnaround will be beneficial to the local economy, as approximately 80% of the involved companies are local", said Neil Anthony Morgan, member of OMV Petrom Executive Board, responsible for Downstream Oil.

The budget for this project exceeds EUR 45 mn, adding to the over EUR 1.5 bn already invested in the modernization of Petrobrazi between 2005 and 2017.

Petrobrazi turnaround in figures:

►   5,000 workers involved, 4,000 more than during normal operation

►   Eight main contractors and 33 subcontractors, 80% of them Romanian companies

►   Verifications of 3,720 pipelines and 9,300 pieces of electronic and automation equipment.

 

 

About Petrobrazi

Petrobrazi refinery, with an annual refining capacity of 4.5 mn tons of crude oil, is one of the most important units of this profile in the country. The Petrobrazi output can cover the necessary fuel for 3 mn cars / year.

Between 2005 and 2017, Petrobrazi refinery benefitted from over EUR 1.5 bn investments in modernization projects, construction of new installations and environmental projects. Currently, Petrobrazi functions at the highest environmental and performance standards.

About OMV Petrom

OMV Petrom is the largest integrated oil and gas group in Southeastern Europe, with an annual oil and gas production of approximately 61 mn boe in 2017. The Group has a refining capacity of 4.5 mn tons / year and operates an 860 MW high efficiency power plant. The group is present on the oil products retail markets in Romania and neighboring countries through 786 filling stations, as of end 2017, under two brands - Petrom and OMV.

OMV, one of Austria's largest listed industrial companies, holds a 51.01% stake in OMV Petrom. The Romanian state, via the Ministry of Energy, holds 20.64% of OMV Petrom shares, Fondul Proprietatea holds 9.9985%, and 18.35% is free float on the Bucharest Stock Exchange and London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with approximately EUR 25.5 bn paid in taxes, contributions and dividends between 2005 and 2017.

Starting 2007, OMV Petrom has integrated the principles of corporate responsibility into its business strategy. In this period, the company has allocated approx. EUR 50 mn for the development of communities in Romania, focusing on environmental protection, education, health and local development.

 

 

Contact:

OMV Petrom Investor Relations

Tel: +40 372 161930, Fax: +40 372 868518

E-mail: [email protected]


This information is provided by RNS
The company news service from the London Stock Exchange
 
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