OMV interested in Romanian oil operations

Austrian company OMV, the largest oil group in Central and Eastern Europe in terms of market capitalisation, is mulling oil drilling and production projects for the Romanian market. OMV has focused on building its own gas station network so far, on access to Petromidia refinery and participation in the construction of the Nabucco gas pipe.

The gas pipe, for which a feasibility study is being drafted, will secure the natural gas trajectory from Turkey to Western Europe through Bulgaria, Romania, Hungary and Austria. OMV president Wolfgang Ruttenstorfer has confirmed the company’s interest in oil drilling and production projects in Romania. “Yes, we are interested in such projects. One of our goals is also to increase output by 2008.”

The interest voiced by the Austrians will materialise either at the tenders organised by the National Authority for Mineral Resources (ANRM) for the concessions of oil operations or by taking over a participation from companies that are already running this kind of projects, under agreements closed with ANRM.

The foreign companies have invested over $212 million in oil operations between 1993-2002, but German company Wintershall has been the only successful player so far and will become the first private foreign gas producer in Romania as of next year.

On the domestic retail oil market, OMV controls a network comprising 56 gas stations and will exceed 60 stations by yearend. According to the Austrian player’s estimates, OMV Mineraloel (the local branch of the group) accounts for 5.7% of the Romanian market sales.

OMV posted some 3,500 billion ROL (88.3 million euros) in turnover for the nine months this year, up 20% from the corresponding period of last year.
adrian.mirsanu@zf.ro