OMV to invest EUR 1 billion in the Petrobrazi refinery

13. Oktober 2006, 00:00

Because of the increasing consuption of diesel oil worldwide, Austrian group OMV announced that it will invest up to...

Because of the increasing consuption of diesel oil worldwide, Austrian group OMV announced that it will invest up to EUR 1 billion to increase the production of the Petrobrazi refinery in Ploiesti. OMV controls the refinery through Petrom, the largest Romanian oil and gas group.

"By 2001, the Petrobrazi refinery will produce 2.1 million tonnes of diesel oil compared with the 700,000-tonne production at present," said Wolfgang Rutterstorfer, chairman and CEO of the OMV group.

The target of the investment project is to see the diesel oil production reach a third of the refinerys total production in 2011. The total production of the facility will increase from 4.5 million tonnes to 6 million tonnes.

According to OMV data, the demand for diesel oil could increase by some 27 per cent on the European market, to 5.52 million barrels a day.

www.petrom.ro
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