REG - OMV Petrom S.A. - New Polyfuel unit has started production

OMV Petrom SAAnnouncement

15/04/2019 11:23

RNS Number : 2148W
OMV Petrom S.A.
15 April 2019
 


OMV Petrom S.A.
Investor News
April 15, 2019
 
The new Polyfuel unit in Petrobrazi refinery has started production
 
►  Approximately EUR 65 million in investments
►  Innovative PolyFuel® technology used to convert LPG and low-grade light gasoline into gasoline and diesel
 
OMV Petrom has commissioned the new Polyfuel unit within Petrobrazi refinery, using an innovative technology to convert LPG and low-grade light gasoline into high-value petroleum products - gasoline and diesel. This unit is the third of its kind worldwide and the first to convert low-grade light gasoline, as well, not just LPG.
"The new Polyfuel unit brings the state-of-the-art technologies used in the petrochemical and refining industry to the Petrobrazi refinery. Due to sustained investments, Petrobrazi continues to rank among the most important refineries in Romania, operating at the highest standards - energy efficiency and environmental standards included -  and contributing to the economic development of the area", said Radu Căprău, member of OMV Petrom Executive Board, responsible for Downstream Oil.
Based on the PolyFuel® innovative technology developed by the French company Axens, the new unit at Petrobrazi increases the value of the production mix due to a higher share of gasoline and diesel in total refinery output. LPG and low-grade light gasoline conversion results in approximately 50,000 tons of gasoline and diesel every year, the equivalent of 1 million vehicle refuels.
The total capacity of the Petrobrazi refinery of 4.5 million tons per year will remain unchanged.
Works at the Polyfuel unit started in 2017 and required an approximately EUR 65 million investment. The project involved building a new unit the size bigger than a football field. The works at the Polyfuel unit involved over 850,000 man-hours free of incidents, with more than 550 OMV Petrom specialists as well as specialized sub-contractors.
The new unit has started production in March 2019, as planned.
 
 
About Petrobrazi Refinery
With a refining capacity of 4.5 million tons per year, Petrobrazi ranks among the most important units of its kind in the country.
Between 2005 and 2018, approximately EUR 1.6 billion were put into in modernization projects, new facilities construction and environmental projects at the Petrobrazi refinery. The Petrobrazi refinery currently operates at the highest performance and environmental standards.
 
About OMV Petrom
OMV Petrom is the largest energy company in South-Eastern Europe with an annual hydrocarbon production of 58.3 million boe in 2018. 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 markets in Romania and neighbouring countries through 794 filling stations, as at the end of 2018, under two brands - OMV and Petrom.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.01% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.64% of OMV Petrom shares, Fondul Proprietatea holds 9.9985%, and 18.35% 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 EUR 27.8 billion in taxes and dividends paid between 2005 and 2018.
Since 2007, OMV Petrom has made corporate responsibility principles part of its business strategy. Between 2007 and 2018, the company has allocated approximately EUR 52.5 million to develop communities in Romania, focusing on environmental protection, education, health and local development.
 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDBGGDSSBBBGCU