Petrom plans to upgrade the crude vacuum distillation unit at the refinery. The works are scheduled to start in May, but the company didn’t give an exact date.
“This will reduce the refinery’s capacity to 4.2 million metric tons a year and will enable it to process 100% of Petrom’s Romanian crude production while improving refinery utilization and product yields,” the company said.
Petrobrazi, one of the largest refineries in Romania, has an annual capacity of 4.5 million metric tons. Petrom originally planned to increase the unit’s capacity to 6 million metric tons a year, but decided to adjust production instead after quitting the petrochemical products segment.
OMV Petrom is 51.01%-owned by Austrian group OMV. The Economy Ministry holds a 20.63% stake in the company, while investment fund Fondul Proprietatea (FP.RO) owns 20.11%.
The company reported a record first-quarter profit of 1.38 billion lei (EUR381 million), 65% higher on the year.
At around 11:00 am, Petrom’s shares traded up 1.26% a share in Bucharest, amid a slightly declining market.