OMV Petrom closes buy of Renovatio Asset Management

"By completing this acquisition, OMV Petrom becomes the largest player in the field of electric mobility in Romania. Our ambition is to have 1,000 charging points installed in Romania, Bulgaria, Serbia and Moldova by the end of this year," Radu Caprau, OMV Petrom board member responsible for refining and marketing, said in a press release.

The value of the transaction was not disclosed.

Renovation Asset Management owns more than 400 already-built EV charging points in Romania, with plans to increase their number to around 650 by 2026, as per the statement.

OMV Petrom announced its intention to fully acquire Renovation Asset Management in January.

Last month, OMV Petrom said it will test an innovative carbon capture and utilisation installation at its Petrobrazi refinery over a period of four months, starting in June. The company approved an all-time high investment budget of 8 billion lei ($1.74 billion/1.61 billion euro) for 2024.

OMV Petrom reported a 1.399 billion lei net profit for the first quarter of 2024, down 6% compared to the same period of last year.

Shares in blue-chip OMV Petrom changed hands 0.43% lower at 0.7 lei as at 1147 CET on Friday on the Bucharest Stock Exchange.

(1 euro = 4.9766 lei)