Romanian oil group Rompetrol, currently managed by Dinu Patriciu, is to be listed on an international stock exchange by 2003. "London Stock Exchange is the most likely target and the listing was prompted by the group's financial investors that hold a 16% stake," said Dinu Patriciu, who has been recently appointed Rompetrol Chairman and CEO.
Rompetrol group is a company registered in the Netherlands and 85% held by Romania Moldova Direct Fund, mostly owned by Dinu Patriciu.
Rompetrol has lately developed a strategy of aggressive acquisitions in the Romanian oil industry. The most spectacular move occurred last year, when the group took over Petromidia oil refinery.
The group's turnover soared to 103 million dollars last year, against 67 million dollars in 1999, while this year's objectives are even more ambitious.
Rompetrol estimates $800 million-$1 billion in turnover this year, also planning to conclude Petromidia restructuring process, develop some international oil exploitations and expand the network of gas stations throughout Romania. Rompetrol also intends to purchase other gas stations.
"We have open purchase offers for all the gas stations in Romania," Dinu Patriciu specified. "We have 21 gas stations now, but we intend to open another ten in Constanta and Bucharest this year."
Commenting on the group's profitability, Dinu Patriciu said that "gross profit has and will stand for 5-12% of the group's turnover. No dividends will be granted over the next years, but the money will be invested."
In Romania, Rompetrol has two refineries, Vega and Petromidia, whose total processing capacity is 3.5 million tonnes. The group intends to increase their capacity to 5.5 million tonnes, focusing especially on Petromidia, whose current processing capacity is 3 million tonnes.
"We intend to make investments over the next years in order to produce gas in line with Euro 3 standards, (which will be introduced next year in Romania, i.e.).
However, I think that those who will rush into bringing this type of gasoline to Romania, before the market is ready, will make an easy target for our acquisition policy," Dinu Patriciu said.
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