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OMV PETROM S.A. - SNP

Investment of around EUR 70 mn at Petrobrazi for replacing the Coke Drums

Release Date: 6/28/2021 11:00:12 AM

IRIS Code: 85926

                            

OMV Petrom to invest approximately EUR 70 million at Petrobrazi for replacing the Coke Drums

 

 

     ►   The new Coke Drums are made in Romania and have a lifespan of over 20 years

     ►   The replacement will take place between 2021 and 2023, implying a total investment of approximately EUR 70 million

 

OMV Petrom, the largest energy company in South-Eastern Europe, will invest approximately EUR 70 million at the Petrobrazi refinery, to replace certain facilities that are essential during the refining process. These are the four Coke Drums which, at very high temperatures, ensure the stage of upgrading heavy components to superior products.

Radu Caprau, member of the OMV Petrom Executive Board, responsible for Downstream Oil: „We are constantly investing in the modernization of the Petrobrazi refinery. The replacement of the Coke Drums is a project with a very high degree of technical and organizational complexity. The new units will have an important contribution to increasing the efficiency and safety of our operations."

The four Coke Drums are designed for a lifespan of over 20 years and 5,000 operating cycles and will be produced in Romania. The weight of one coke drum is almost 200 tons, with a diameter of approximately 6 meters and a length / height of around 30 meters. The crane that will be used to replace the Coke Drums will have a height of around 140 meters and, depending on weather conditions, it will be able to be seen from Bucharest.

The process of replacing the Coke Drums will take place between 2021 and 2023; approximately EUR 11 million will be invested this year.

Petrobrazi has a total crude oil processing capacity of 4.5 million tons per year and, starting 2005, OMV Petrom has invested approximately EUR 1.8 billion in the refinery, one third of this investment contributing to the reduction of the environmental impact.

About OMV Petrom

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 53 million boe in 2020. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 790 filling stations, at the end of March 2021, under two brands – OMV and Petrom.

OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.6% of OMV Petrom shares, Fondul Proprietatea holds 7%, and 21.4% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with contributions of approximately 32 billion euro in taxes and dividends paid between 2005 and 2020.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2020, the company has allocated approximately 72 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change.

 

 

 

     Contact:

     OMV Petrom Investor Relations

     Tel: +40 372 161930, Fax: +40 372 868518

     e-mail: investor.relations.petrom@petrom.com

 

 



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