OMV Petrom completed the 600 mln euro modernization programme at Petrobrazi refinery
OMV Petrom celebrated the finalization of the most recent modernization programme of Petrobrazi refinery, marking the 80th anniversary of the refinery in a ceremony attended by Prime Minister Victor Ponta, Gerhard Roiss, President of OMV Petrom’s Supervisory Board and CEO of OMV, Mariana Gheorghe, CEO of OMV Petrom, among others. The modernization project run between 2010 and 2014 required investment of about 600 million euro aimed at increasing the competitiveness of the Petrobrazi installation.
"The modernization of Petrobrazi refinery was a necessary step in order to adapt it to market demand, which has changed substantially compared to when the refinery was designed. The increase of diesel production, resulted from the modernization process, will enable us to reduce Romania’s diesel imports with positive impact on the current account deficit",stated Mariana Gheorghe.
With the modernized installation, the refinery will handle better the demand on the fuel market, diesel and jet fuel accounting for up to 45 percent of the products yield structure, diesel production being 60 percent higher compared to 2009. Additionally, the commissioning of modern equipment and adjustment of refining capacity enhance the energy efficiency, contributing to a reduction of total energy consumption by approximately 40 percent against 2004.
Subsequent to Petrom’s privatization, the Petrobrazi refinery absorbed investments of 1.1 billion euro, including the 600 euro million invested in its modernization in the past four years and now has the highest Nelson index (it describes the complexity of an oil refinery). The adjusted refining capacity of 4.2 million tons/year enables Petrobrazi to process the entire domestic production of OMV Petrom.
The history of Petrobrazi refinery began with the setting-up of Creditul Minier refinery in 1934, with a refining capacity of 300,000 tons/year. Almost completely destroyed in the Second World War, the refinery had been rebuilt and reconfigured throughout the years, reflecting market context and shareholders’ strategy. Presently, the refinery produces around 47 percent of Romania’s fuel demand.
