The Rompetrol Group NV

Transcription

1 1 The Group NV

2 Table of Contents A. History B. Corporate and Management Structure C. Operations Refining & Petrochemicals Wholesale & Retail Services Exploration & Production D. Summary Financials 2

3 History 1974 SA established as the international oil services company of the Romanian State 1993 After the 1989 Romanian revolution the company is privatized by Management and Employee Buy Out ( MEBO ) and turnover subsequently reduced to below $6 million by Control purchased by Dinu Patriciu and local investor group; share capital increased 1999 Holding company established as The Group ( TRG ) 1999 SA buys Vega refinery located in Ploiesti and doubles its revenues in the first nine months after take-over Private equity investment by US-managed Romania & Moldova Direct Fund, L.P. into TRG 3

4 History cont d 2000 TRG buys majority control of Petros SA at that time Romania s principal oilfield services operator. The company has since been renamed Well Services SA 2001 TRG s largest acquisition, Petromidia S.A., is also Romania s largest, newest, and most sophisticated oil refinery. implemented a sustained modernization program turning Petromidia into a state-of-the-art facility in Eastern and Central Europe. Petromidia is renamed Rafinare SA 2002 OMV of Austria buys 25.1 percent of TRG NV; RMDF exits; OMV Chairman Wolfgang Ruttenstorfer and TRG American investor Philip Stephenson join TRG board TRG opens subsidiaries in neighboring Republic of Moldova ( Moldova) and Bulgaria ( Bulgaria) 4

5 History cont d 2004 TRG establishes controlled subsidiary Vector Energy AG in Switzerland for oil and products trading 2005 OMV sells its 25.1 percent stake in TRG back to the management of Holding (required divestment after 2004 takeover by OMV of Petrom, privatized Romanian national oil company) Record financial results with net profit reaching $84 million on turnover of $2.35 billion. TRG starts operations in Albania and Georgia and opens a representative office in Moscow TRG buy 100% equity stake in Dyneff Group, France s largest independent petroleum products distributor with operations in France and Spain 5

6 Global Operations GREENLAND ROMANIA RUSSIA CANADA THE NETHERLANDS SWITZERLAND RUSSIA MOLDOVA AZERBAIJAN FRANCE EUROPE KAZAKHSTAN USA SPAIN ALBANIA AFRICA MIDDLE EAST BULGARIA GEORGIA ASIA SOUTH AMERICA LIBYA AUSTRALIA ANTARCTICA 6

7 European Operations TRG HQ Rep Offices Refining and Services Distribution and Storage 7

8 Rafinare SA (Petromidia) 8

9 Corporate Structure The Group N.V. (The Netherlands) 82,36% 72,22% 85 % 60% 60% 60% 100 % 50.59% 90 % 70,4% 50 % 92.5 % S.A. Financial Group SRL Bulgaria JSC (Bulgaria) RP Albania Downstream Sh.A (Albania) Georgia RP Albania Wholesale Sh.A (Albania) LLC ( of Russia) Rafinare S.A. Moldova S.A. (Moldova) Well Services SA P&G Consulting (Overseas) Ltd. (Cyprus) France SAS (France) 27,78% 15,54% 0,1% 95 % 100 % 99.95% Rominserv SA 99.52% Ecomaster SA 9,14% 2,62% Vector Energy S.A. (Switzerland) Dyneff Group SA 59% 97.28% 23% 23% Rominservices Therm SA Palplast S.A. Industrial Parks SA 23% 23% 60.27% Logistics SA 99.4% Eurojet Romania SA 100% Petrochemicals SRL 51% Global Security Sistem SA 99,99% Downstream SA 99.99% Rom Oil SA 99% Quality Control SRL 83.91% 43.43% 60% Astra Investitii Imobiliare SA CET Midia SA Romcalor Oil Services SA Shaded boxes indicate major operating companies 9

10 The Group Activities Oil & Gas Company Operations 1. Refining & Petrochemicals 2. Wholesale & Retail 3. Upstream Services & Supply Companies 1. Oilfield Equipment & Services 2. Joint Services (logistics, environmental remediation, EPC/maintenance) 10

11 Refining & Petrochemicals Rafinare Maximum rated capacity: 100,000 BOD (4.8 million mt/year) The petrochemical plant (SC Petrochemicals) has a standard output of 200,000 mt/year of ethylene (currently in conservation) and 100,000 mt/year of propylene and related products. New LDP and HDP plants coming online in 2006 will boost production to 300,000mt/year Has its own port Midia - as well as 20 km proximity to Oil Terminal in Constanta, Romania s largest port Strategic access and ability to process 100% Urals Caspian; multiple, independent crude oil suppliers Synergy between the refineries and integrated petrochemical plant Vega Maximum rated capacity 10,000 BOD (500,000 mt/yr) Vega Refinery is the only Romanian producer of: Ecological solvents (Ecological Extraction Gasoline SE, Normal Hexane, White Spirit); Ecological Heating Oils; Road and special Bitumen. 11

12 Wholesale TRG owns and operates fuel depots in France, Spain, Romania, Bulgaria, and Georgia with a total storage capacity of 643,000 cubic meters and strategic locations on the Atlantic Ocean, Mediterranean Sea, Adriatic Sea and both East and West shores of the Black Sea Storage capacity in Eastern Europe is 196,000 cubic meters Storage capacity in Western Europe is 447,000 cubic meters wholesale depots supply more than 25 percent of the Romanian market, 3.5 percent of the French market and 1.5 percent of the Spanish market 12

13 Retail More than 100 company owned filling stations in Romania More than 200 filling stations in the Partener franchise program in Romania 226 filling stations (200 under franchise and 26 owned) in France and Spain 44 filling stations in Bulgaria, Albania and Georgia Romania s first gas station network to sell only Euro standard fuels 13 network to be fully extended in Romania this year Strategy Integrate Dyneff network in France and Spain and continue regional expansion to Albania, Moldova, Bulgaria and Georgia. Continue the Partener franchise program and expand domestic network Introduce Hei shop and café in all owned domestic stations Launch fuel credit service for individual clients

14 Exploration & Production Today: Has rights to explore and produce 2 Romanian blocks (Zegujani and Satu Mare) Has carried interest in the redevelopment of 5 existing Romanian oil fields. Coordinates with Well Services SA to access and develop international opportunities Build alliances and partnerships with Central European and Russian oil companies Concentrate on opportunities to finance existing producing fields and acquire production Focus close to home in Romania, Caspian and Mideast regions. :Strategy 14

15 Oilfield Equipment & Services Drilling The company works in many traditional markets including the Middle East and Caspian Sea regions and has more than 30 years of experience Well Services Provides services such as cementing, sand control, stimulation, testing, slickline and casing running, for operations in Romania, Kazakhstan, the Middle East, and other markets Industrial Equipment - division offers oilfield equipment and services, and the valuable expertise of its research and design specialists. Equipment offered has proven reliability under diverse working conditions. Palplast Pipes & Fittings 's HDPE manufacturing plants located in Romania and Moldova are among the best in this industry. Palplast offers a complete range of polyethylene pipes and fittings. 15

16 Joint Services Logistics Created to combine the know-how of 's trading and agency experts and the asset base of companies formerly involved in transportation, shipping and logistics, Logistics is a complex operator providing carrier services but also repairs/maintenance for most any vehicles and oilfield equipment. Ecomaster - Environmental Services strives to become Romania s largest environmental remediation company and currently offers oil sludge and solid waste decontamination services Quality Control has four modern laboratories that offer specialized quality and environmental testing services to TRG companies, as well as to an ever greater number of other important clients Rominserv A full service operator, the company is an EPCM specialist with 700 engineers, and conducted major overhauls and technical upgrade of TRG s Rafinare 16

17 TRG Financials Revenues TRG Profits 2, , , , (500) (50) (1,000) (100) (1,500) (150) (2,000) (200) musd (2,500) (250) Gross revenues ,052 1,279 1,615 2,406 Net revenues ,178 1,846 EBITDA (44) Net profit 3 15 (212) 200 (40) 76 17