OMV might dump Rompetrol for Petrom

Austrian oil group OMV, one of the top regional players could give up its 25.1% stake in Rompetrol Group in case it won the race for Petrom, oil market sources told Ziarul Financiar. Petrom’s takeover by the Austrians, which already have an interest in the Petromidia Refinery would create a monopoly on the oil market conflicting with the norms of the Competition Council, Dan Ioan Popescu, Economy and Trade minister, said. “OMV can participate (in the race for Petrom i.e.) on its own, but needs to address this problem, like Lukoil does. Lukoil owns Petrotel Refinery directly. Had Lukoil participated in the privatisation alone, its refining capacity along with that of Petrom’s refineries would have exceeded 50% of the total,” Dan Ioan Popescu said. OMV’s shareholders are the Austrian State (some 35%), Abu Dhabi-based oil investment fund IPIC (some 20%), while the remaining 45% are listed on the Vienna Stock Exchange. Commenting on how OMV could acquire Petrom without acquiring a monopoly position on the oil market at the same time, the minister said one option would be to sell the stake in Rompetrol, which holds the Petromidia Refinery. ZF