Private oil group Rompetrol run by businessman Dinu Patriciu estimates to have made $1.2bn turnover last year, up 20% from 2002.
Rompetrol’s turnover accounts for about 60% of its archrival’s, state-held oil company SNP Petrom, the group representatives say.
Rompetrol’s productivity last year amounted to approximately $220,000 per employee against a staff of 5,600, while Petrom’s productivity stands at $33,000/employee against a staff of about 60,000, Rompetrol’s officials say.
Rompetrol’s management has repeatedly announced it would compete with Petrom on both the oil and the stock market. At present, Petrom registers the highest capitalisation on the Romanian stock market, with its market value reaching some $1.7bn at an about $2.2bn annual turnover. Petrom is currently undergoing privatisation, and seven foreign companies are expected to submit final bids for 51% in the company in a deal estimated to $1-$1.3bn.
Rompetrol, which has no less than three companies listed on the capital market, withdrew its flagship, Rompetrol Rafinare Petromidia (the Petromidia Refinery) from RASDAQ to move it on the Stock Exchange. At the time it was suspended from trading on RASDAQ for a capital increase, Petromidia’s capitalisation had come to $164 million calculated at a 75,000 ROL/share price.
Rompetrol SA’s (the Vega Refinery) capitalisation on RASDAQ is $46.2 million if calculated at an 860 ROL/share quote. The third company, oil service operator Rompetrol Well Services is listed on the Stock Exchange and registers approximately $5.4 million in capitalisation.
The group run by Dinu Patriciu, the majority shareholder of the largest refinery on the Romanian market, Petromidia, at the end of last year settled the matter of Petromidia’s historical debts it undertook to pay at the time of privatisation by having them turned into bonds. The $603 million’s worth in bonds issued in late last year are to be redeemed by Rompetrol from the Finance Ministry within seven years.
The steps to list Petromidia on the Bucharest Stock Exchange (BSE) have been postponed thus far because of the uncertain situation of Petromidia’s historical debts and of the lien the Privatisation Authority (APAPS) held over its shares.
Strategically speaking, Rompetrol Group has been focusing on a regional expansion of its operations in the Balkans, on expanding its fuel distribution network on the market, and the extensive retooling of the Petromidia Refinery over the last few years. Moreover, Rompetrol established Rompetrol Petrochemicals for petrochemical operations early last year, as it plans to expand its business in this regard soon.
adrian.mirsanu@zf.ro