It also plans to acquire a fuel retailer in Spain, according to company representatives. “We have major plans for these countries, which are close to the Petromidia refinery (Ed. n. the group’s most valuable asset), and which we can supply at low costs,” said Rompetrol Group Vice President Andre Naniche.
The three countries make up some 10-15 percent of the company’s annual turnover, estimated at $8-9 billion (€5.8-6.5 bln).
“Our main focus is Romania, followed by these three countries,” said the group’s Retail Vice President, Eric Kish.
In Romania, Rompetrol has a strategy until 2010, aimed at developing refining and downstream operations. This year, the company invested $70 million (€51.2 mln) to expand its local gas station network. By the end of 2008, the investment will amount to $90 million. Each month, the company opens 15 Expres mobile stations, with an average $120,000 investment per unit. The company has also built 10-12 gas stations, below the target of 30 stations, due to problems related to building permits.
Rompetrol is the second-largest player on the local fuel distribution market, after Romania’s largest company, Petrom, owned by Austrian OMV group.
