Floating Petrom on BVB mattered to investors and banks

Floating the Petrom oil corporation on the Bucharest Stock Exchange (BVB) has mattered when it came to the good will of investors and banks, Petrom CEO Mariana Gheorghe told the opening of the trade session on Thursday on the BVB.

She said that Petrom has successfully raised nearly one billion euros from the financial markets since October 2008, despite the ongoing crisis.

‘Until last year, Petrom used to enjoy a financial state that allowed it to finance investments from its own sources,’ said Gheorghe.
Gheorghe also said that listing Petrom with the BVB eight years ago generated the benefits of a disciplined corporate governance, which in turn led to high transparency standards and the development of the corporation along modern lines, attractive to investors.

Gheorghe mentioned that in 2009 it is eight years since the flotation of Petrom and also five years since the privatisation of the corporation with Austrian OMV, in which time 4.5 billion euros was invested in upgrading equipment, introducing new technologies and increasing conformity with the relevant legal provisions.

‘We will not stop here; we are considering a sustainable development of the company and orienting its business toward other areas of the energy field, such as electricity generation and alternative energy sources,’ said Gheorghe.

Petrom is the largest company in Romania in terms of market value. It posted an H 12009 net profit of RON 923 million, down 45 percent from H1 2008. Petrom’s net profit in the second quarter of 2009 stood at RON 417 million, down 39 percent from Q2 2008.

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