Romanian oil and gas company OMV Petrom has completed the modernization of its fuel terminal in Bacau, northeastern Romania. This is the fourth modern fuel terminal completed by the company in the last five years.

The EUR 18 million investment in the terminal at Bacau is part of the storage infrastructure modernization program to build three new terminals and modernize another three, according to the company.

The fuel terminal in Bacau will ensure the supply for the north-eastern part of Romania.

“So far we have invested a total of around EUR 100 million in the construction of three new terminals in Jilava, Brazi and Isalnita, and in the modernization of the Bacau terminal,” said Neil Anthony Morgan, member of OMV Petrom Executive Board, responsible for Refining and Marketing.

The four terminals have a total storage capacity of 65,000 cubic meters: Jilava - 27,000 cubic meters, Brazi - 8,000 cubic meters, Isalnita - 11,000 cubic meters, and the one in Bacau - 19,000 cubic meters.

OMV Petrom is the largest oil and gas group in southeastern Europe, with activities in exploration and production, gas and power, and refining and marketing.

In 2013, Petrom reported a profit of over EUR 1 billion in Romania, while for this year it budgeted a lower profit of some EUR 880 million.

The main shareholder in Petrom is Austrian OMV, with 51 percent of the shares, while the Economy Ministry has 20 percent, and Fondul Proprietatea – managed by Franklin Templeton – another 19 percent.

Irina Popescu, irina.popescu@romania-insider.com