06 August 2013 11:11 [Source: ICIS news]
BUCHAREST (ICIS)--Romanian oil and gas company Petrom, which is majority owned by Austria’s OMV, has commissioned a new unit for gas desulphurisation within the Petrobrazi refinery, the company said on Tuesday.
The project, which is part of its modernisation programme, started at the end of 2010 and entailed investments of approximately €40m ($53m).
"The modernisation programme of Petrobrazi steadily approaches its completion … The capacity adjustment enables the refinery to efficiently process the entire amount of crude oil produced by our exploration and production division in Romania. In addition, we also aim to increase the middle distillates yield, while having a modern European refinery fully compliant to EU environmental standards. And the desulphurisation unit is an important step in this direction," said Neil Anthony Morgan, a member of the OMV Petrom Executive Board responsible for refining and marketing.
Petrom has planned a budget investment of approximately €600m for the modernisation and efficiency programme at the Petrobrazi refinery. The next steps will be an expansion in capacity of the gas oil hydro treating unit and the fluid catalytic cracker unit.
Petrom, one of the largest oil and gas producers in southeast Europe, has a maximum annual refining capacity of 4.2m tonnes through its Petrobrazi and Arpechim refineries.
Last year, Petrom's turnover was €5.8bn, and its net profit was €1.2bn.
The Romanian state holds a 39.63% stake in Petrom, the European Bank for Reconstruction and Development holds 1.62% of shares and 7.74% is free float on the Bucharest Stock Exchange.
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