OMV sees Petrom as first stop towards East

Austrian oil group OMV, one of the three suitors that submitted binding bids for Petrom, has announced plans to boost Petrom’s oil production by technology transfer in case it buys the Romanian company.

OMV’s management sees opportunities for Petrom to expand to Bulgaria, Turkey or even Central Asia.

“We can transfer technology and expertise to Petrom to help it improve its exploration and production portfolio. Together with Petrom, we can produce more,” stated Wolfgang Ruttenstorfer, OMV’s CEO and Chairman of the Board.

Petrom is one of the largest oil and natural gas producers in Central and Eastern Europe, as its output reaches some 6 million tonnes of oil and 6 billion cubic metres of natural gases a year.

“Romania is one of the biggest markets in the region. To Petrom, it is the core market, but it can expand and play and important role. Turkey is an interesting market for us; I am not that optimistic about Ukraine, though,” Ruttenstorfer said. He added that besides the Danube basin and Turkey, the Black Sea provided opportunities to access oil fields in Central Asia.

“Petrom is a very large company, so that we cannot talk about a takeover but rather about a regional alliance or even merger,” OMV’s official added, who declined further comment on the takeover of Petrom, saying this was an ongoing process and certain issues on the agenda of the talks with the Romanian Government were confidential.

Inquired whether they planned to replace Petrom’s management in case they acquired the controlling interests, OMV’s representative said a culture of a regional company would be created. “It will be a joint venture with Austrians and Romanians, it is a cultural mix, we also have young Hungarians in our organisation that have initiatives, so that this will be a mixed culture of a company in the Central and Eastern European region,” Ruttenstorfer said.
adrian.mirsanu@zf.ro