Bloomberg News

OMV Petrom Opens New EU26 Million Fuel Storage in Romania

November 28, 2012

OMV Petrom SA (SNP), Romania’s biggest oil company, opened a new fuel storage in the country after investing about 26 million euros ($34 million) at the site.

The facility, located in the southern Romanian Isalnita village, will have a capacity of 11,000 cubic meters and will boost Petrom’s new total storage capacity to 46,000 cubic meters, the company said in an e-mailed statement today.

“We are confirming our commitment to continue to improve our operations through a modern terminal network, which fully supports the distribution stations,” Neil Anthony Morgan, a member of Petrom’s management board in charge with refining and marketing, said in the statement. “We’ve invested 87 million euros in the construction of three new storage facilities so far.”

Petrom is also counting on 27,000 cubic meters fuel storage in Jilava village, near Bucharest, and on a 8,000 cubic meters storage in Brazi, in southern Romania, according to the statement.

Petrom, majority owned by Austria’s OMV AG (OMV), said on Feb. 22 that it discovered what may be its biggest gas find in the Black Sea well which it is exploring together with a unit of Exxon Mobil Corp.. (XOM:US)

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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