Oil and gas company OMV Petrom will invest around EUR 3.7 million in revamping the Institute for Research and Technological Design (ICTP) in Campina, Romania, the company has announced.

The modernization process will take place between 2013-2015 and the project will be financed from the company’s own sources, as well as European funds, through the Increase of Economic Competitiveness program, which is co-financed through the European Regional Development Fund's Investments for your Future scheme.

“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 million,” reads a statement from the company.

The revamping project targets the construction of a new building for the laboratory and core storage activities, which is currently operated in three different locations, as well as the modernization of the outdated R&D equipment.

ICTP Campina was set up in 1950 and has become an important center of scientific research for the oil industry.

The institute is currently part of Exploration and Production Division, Domestic Assets within OMV Petrom S.A.

Starting 2005, ICPT Campina has been benefiting from a complex investments program aiming at the modernization and technological upgrade of laboratories. The investments amounted to approximately EUR 12 million.

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

OMV Petrom group consolidated its position on the oil market in south-eastern Europe following a far-reaching modernization and efficiency increase process.

Investments have accounted for more than EUR 8.8 billion in the last eight years.

As of the end of 2012, the Group exploited proved oil and gas reserves of approximately 775 million boe in Romania and Kazakhstan.

OMV Petrom is presently 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.

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

(photo source: Arhivafoto.ro)