• Modernization project entails investments of approximately EUR 3.7 mn between 2013-2015
  • Financing from own sources and European funds
  • Investments for ICPT modernization since privatization totaled approximately EUR 12 mn

OMV Petrom, the largest oil and gas producer in Southeastern Europe, will begin the modernization of the Institute for Research and Technological Design in Campina (ICPT). With total investments estimated to approximately EUR 3.7 mn from 2013-2015, the project will be financed from own sources as well as European funds, through the sectorial operational program "Increase of economic competitiveness", co-financed through the European Regional Development Fund "Investments for your future". To this purpose, the company signed a financing contract with the Ministry of National Education - Department Intermediate Body for Research for the amount of EUR 1.5 mn. The project targets the construction of a core1 storage facility and providing the laboratory with modern equipment.

Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production: "The modernization of ICPT is very important for the exploration and production division, considering the fact that the institute is managing the analysis of soil structures and carries activities related to research and development of new drilling techniques that are adequate for the fields we operate on. The fact that we managed to obtain financing from European funds is a success and I hope that we will thus encourage similar initiatives, contributing to the increase of EU funds absorption rate."

One of the major objectives of OMV Petrom strategy refers to the redevelopment of certain key fields and ICPT is an essential partner through its R&D activity concerning modern and adequate drilling techniques. Also, ICPT keeps the database of soil structures and provides core analysis from each relevant location, taking into account the historic development of the respective fields.

The modernization project of the institute will last from 2013 to 2015 and entails the construction of a new building for the laboratory and core storage activities (currently operated in three different locations) as well as the modernization of the outdated R&D equipment.

About ICPT Câmpina
The Institute of Research and Technological Design (ICPT) Campina was set up in 1950 and has become an important center of scientific research for the oil industry, being a pioneer in terms of developing field engineering, drilling and extraction.
Currently, ICPT is part of Exploration and Production Division, Domestic Assets within OMV Petrom S.A.

With a vast experience in oil industry research, ICPT performs complex laboratory analysis at a high level of quality and efficiency, covering the needs of exploration and production activities.

Starting 2005, ICPT Campina has been benefiting from a complex investments program aiming at the modernization and technology upgrade of laboratories. The investments amounted to approximately EUR 12 mn out of which EUR 6 mn were dedicated to infrastructure modernization and EUR 6 mn were spent for state-of-the-art lab and research equipment.

In addition to the investments, an intensive program of professional training for the employees was performed, partially in partnership with international specialized companies.

OMV Petrom
OMV Petrom is the largest oil and gas group in South-eastern Europe, with activities in the business segments of Exploration and Production, Gas and Power as well as Refining and Marketing. The Group consolidated its position on the oil market in South-eastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 8.8 bn during the last eight years.

As of the end of 2012, the Group exploited proved oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan (thereof 750 mn boe in Romania). With a maximum annual refining capacity of 4.2 mn t, OMV Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.

For its sustainable development, OMV Petrom has expanded the gas value chain into power. In this context, OMV Petrom operates a 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu.

In 2012, the Group's turnover was EUR 5,891 mn, EBIT was EUR 1,270 mn.

OMV, Austria's largest listed industrial company holds a 51.01% share in OMV Petrom. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and approximately 4,400 filling stations in 13 countries including Turkey as of the end of 2012.

The Ministry of Economy holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99%, the European Bank for Reconstruction and Development 1.62% and 7.74% is free float on the Bucharest Stock Exchange.

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