Petrom takes 233m euros' worth of filling stations out of its balance sheet

OMV Petrom (SNP) is set to transfer to OMV Petrom Marketing it wholly controls the 442 self-branded filling station network valued at 232.9m euros and all the contracts related to distribution and marketing operations, in the broadest restructuring move the Austrians have carried out since they took over the company in 2004. "(...) Since OMV Petrom's core business includes operations similar with those part of OMV Petrom Marketing's core business, in order to avoid an overlapping of the two companies' resources and logistics, OMV Petrom plans to transfer the spun-off business to OMV Petrom Marketing," say the company's representatives. According to them, the move will generate cost savings and also ensure a speedier decision-making process. The 442 filling stations operating under Petrom's logo are worth 232.9m euros, with the average value per station standing at 526,900 euros, according to the appraisal by SHM Smith Hodgkinson Romania.