At the same time, Petrom's CEO says that it was time all corporations returned to economic and financial fundamentals; to healthy lending and investments and cash-flow scheduling policies in order to offset the effects of the international crisis.
"We are part of globalisation, but I believe the financial and economic sector has the power to reduce risks and negative impact. This means healthy lending and an investment and cash-flow scheduling policy, a return to the economic and financial fundamentals. We relied on a solid, healthy growth and I believe everyone has to go back to these company management basics. The euphoria of the good times must not make you forget you need to prepare for those harsher times," says Mariana Gheorghe, Petrom CEO. She believes that under the current global circumstances, Romania is in a somewhat privileged position, especially because of the stability of the banking sector.
"I believe Romania is sheltered by the quality of its banking sector, of the cautiousness exerted in the financial structuring of the banking sector. On the other hand, given the global context, Romania is part of these financial and real flows, therefore we cannot believe that the local market will be immune to the impact of this crisis," Petrom's representative adds.
Despite the crisis, last week Petrom managed to secure the biggest loan ever granted to a local company - 375 million euros from a syndicate of five banks. "That we managed to get the biggest loan ever granted to a Romanian company is a breath of fresh air for Romania in the current context and a confirmation for us. That there are financial institutions that have the strength to enter into such a deal in times of crisis proves you can continue your operations if you have a well-grounded basis," Petrom's CEO says.
Petrom's official explains that the company could get other loans in the future, but remains comfortable with the investment funds it has as a result of this loan.
The international financial crisis has cut a lot of the value of assets, which makes some acquisitions really attractive for companies. However, with financing more difficult to get, prioritising investments is a mandatory requirement, Mariana Gheorghe explains.
"Assets are indeed cheaper to buy, but everything has to be prioritised. What is important to us is to achieve the goals we set for 2010," she adds. Petrom's 2010 goals include certain quality and quantity standards that the company must attain for its exploration and production, refining and marketing and gas segments.
The recently secured 375 million-euro loan will be used for the investment programme of the company, which amounts to 1.5 billion euros by 2010. At first, there were seven banks with which the company held talks with over the loan, but the crisis drove two lenders away - Alpha Bank and Banc Post. However, UniCredit Bank Austria, Credit Agricole Luxembourg, Erste Group Bank, Raiffeisen Zentralbank and Societe Generale remained onboard.
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