You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Romania's OMV Petrom new polyfuel unit starts production

Romania's OMV Petrom new polyfuel unit starts production Romania

BUCHAREST (Romania), April 15 (SeeNews) - Romania's top oil and gas group OMV Petrom [BSE:SNP] said on Monday that its new polyfuel unit at the Petrobrazi refinery has started production following a total investment of 65 million euro ($73.5 million).

This unit is the third of its kind worldwide and the first to convert low-grade light gasoline, as well, not just LPG, OMV said in a press release.

Works at the polyfuel unit started in 2017. They involved over 850,000 man-hours free of incidents, with more than 550 OMV Petrom specialists as well as specialised sub-contractors.

Based on technology developed by French company Axens, the new unit at Petrobrazi increases the value of the production mix due to a higher share of gasoline and diesel in total refinery output. LPG and low-grade light gasoline conversion results in approximately 50,000 tons of gasoline and diesel every year, the equivalent of 1 million vehicle refuels.

The total capacity of the Petrobrazi refinery of 4.5 million tonnes per year will remain unchanged. 

Between 2005 and 2018, OMV Petrom invested some 1.6 billion euro at Petrobrazi refinery.

OMV Petrom is the largest energy company in SEE with an annual hydrocarbon production of 58.3 million boe in 2018. The group also operates an 860 MW high-efficiency power plant. The group is present on the oil products retail markets in Romania and neighbouring countries through 794 filling stations as at the end of 2018, under two brands – OMV and Petrom.

Shares of blue-chip OMV Petrom traded 0.41% higher at 0.3680 lei as at 1239 CET on Monday on the Bucharest Stock Exchange.

($=0.8841 lei)