ConocoPhilips, US’ third oil corporation and one the largest of the world, is interested to team up with another company and participate in Petrom’s privatisation. The Americans are interested in getting the downstream portfolio (gas station network) and the refining business.
“ConocoPhilips is interested in teaming up with another company, because we are only interested in Petrom’s downstream and possibly refining operations. We already own gas station networks in Poland, Czech Republic, Slovakia and Hungary and we may say this is another step in our regional development. We are looking for this partner (for Petrom i.e.) among the other ten short-listed companies first of all, whose interests must complement ours,” John Davidson, business development manager with ConocoPhilips’ Downstream International division, told Ziarul Financiar.
“We have expressed our interest in Petrom and now we need to see the data on the company,” Davidson said during the sixth edition of the “Refining and petrochemistry in Central and Eastern Europe” conference.
ConocoPhilips has been involved in hydrocarbon (oil and natural gases) exploration in Romania so far.
Conoco and TotalFinaElf (France) last fall withdrew from the Neptun offshore block they had operated together with SNP Petrom, after their exploration ended in failure.
ConocoPhilips was included on the short-list of investors that pre-qualified for Petrom’s privatisation, along with ten other companies like Eni (Italy), Gazprom (Russia), Glencore (Switzerland), MOL (Hungary), OMV (Austria) or PKN Orlen (Poland) at the end of last week. The short-listed companies will be invited by the Economy and Trade Ministry to buy the presentation book of Petrom and submit preliminary non-binding offers by November 10.
ConocoPhilips is already present in the Central and Eastern Europe, where it operates gas station networks under the JET brand in Poland, (57 stations), Czech Republic (51 stations and stakes in two refineries), Slovakia (15) and Hungary (28).
ConocoPhilips was formed in August 2002, following the merger of Conoco Inc. (US) and Philips Petroleum Company (UK). adrian.mirsanu@zf.ro