Rompetrol Rafinare Sa · BVB:RRC
Rompetrol Rafinare Sa — CERA—East Meets West 2005
16 slides from Rompetrol Rafinare Sa's conference presentation, Jun 29, 2005
Slide 1: Rompetrol's Turnaround of the Petromidia Refinery
ROMPETROL’S TURNAROUND OF THE PETROMIDIA REFINERY A Case Study in Sour Crude Processing in the Black Sea CERA—East Meets West Istanbul, June 29, 2005 1
Slide 2: Table of contents
Table of contents The Rompetrol Group Profile Rompetrol History Privatization Attempts The Turnaround of Rompetrol Rafinare Structure of Romanian Oil Industry Difference between Rompetrol Rafinare and others Investigation into privatization procedures 2
Slide 3: The Rompetrol Group Profile
The Rompetrol Group Profile Largest Romanian group of private companies (2004 gross revenues of $1.61 billion), representing almost 7% of state budget revenues and 3% of GDP 32% share of Romanian refined products market Domiciled in the Netherlands with worldwide operations and assets (though
Slide 4: Rompetrol – History
Rompetrol – History 1974 - Established as the international operator of the Romanian oil industry 1993 - Privatized by Management and Employee Buy Out (“MEBO”) and turnover subsequently reduced to below $6 million by 1998 1998 - Control purchased by Dinu Patriciu and local investor group 1998 to 200
Slide 5: Petromidia Privatization Attempts
Petromidia Privatization Attempts Complexul Petrochimic Midia Navodari (the first name of Rompetrol Rafinare S A) was one of the large oil refining plants which were built after 1975 In 1991, the entity was changed into a stock company which took over all of the assets of the former unit The Rom
Slide 6: Rompetrol Rafinare
Oil Vacuum and Air Distillation Finite Products and Expedition _ Liquefied Gas Storage Ethylene Oxide and Glycols 50000 Tons Oil Tanks Ist-4th Berth | Delayed Coking 9th Berth Pyrolisis Powerplant Catalytic Cracking Nitrogen Production Unit lechanical Plant Low Pressure Polyethylene High Pressure Po
Slide 7: Old Petromidia vs New Petromidia
The turnaround of Rompetrol Rafinare Old Petromidia New Petromidia State owned Privately owned Listed on RASDAQ $6mil Listed on BSE with $500+ mil market cap market cap Financed by traders Financed by western banks Sweet crude slate Sour crude slate Low capacity utilization High capacity u
Slide 8: Crude Supply - considerations
The turnaround of Rompetrol Rafinare Crude Supply - considerations Brent vs. Urals 2001-2005 Brent (Dtd) Urals (Med) $60 $55 $50 $45 $40 USD/bbl $35 $30 $25 $20 $15 $10 Jan-01 Apr-01 Jul-01 Oct-01 Jan-02 Apr-02 Jul-02 Oct-02 Jan-03 A pr-03 Jul-03 Oct-03 Jan-04 A pr-04 Jul-04 Oct-04 Jan-05 A pr-05 8
Slide 9: Refinery Run
The turnaround of Rompetrol Rafinare Refinery Run Used Capacity Unused Capacity Max.Capacity 5.00 Million m t / year 4.00 3.00 2.00 1.00 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 9
Slide 10: Feedstock - Product Quality
The turnaround of Rompetrol Rafinare Feedstock - Product Quality Sweet Crude Sour Crude Non-Euro Products Euro Standard Products 5.00 Million mt / year 4.00 3.00 2.00 1.00 - 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 10
Slide 11: Refinery Staff
The turnaround of Rompetrol Rafinare Refinery Staff 4,000 3,500 No.of em ployees 3,000 2,500 2,000 1,500 1,000 500 - Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jul-02 Jul-01 Jul-03 Jul-04 Jul-05 Jul-06 11
Slide 12: Evolution of MTBE % in unleaded gasoline
The turnaround of Rompetrol Rafinare Evolution of MTBE % in unleaded gasoline % MTBE 14 13.148 12 10 8.488 8 6.884 7.297 6 4 2 0 2001 2002 2003 2004 12
Slide 13: Gross revenues, EBITDA and net profit
The turnaround of Rompetrol Rafinare Gross revenues EBITDA Net profit 2,000 1,774 1,444 1,500 1,077 1,138 1,000 701 407 500 287 86 11 122 71 16 0 -10 -23 -75 -35 -74 -350 -500 2000 2001 2002 rest 2003 2004 2005 13
Slide 14: Structure of Romanian Oil Industry
Structure of Romanian Oil Industry—Survival of 4 out of 5 Name of Capacity (mta) Governance Refinery Nameplate 2003 Owner Audits Listing Banking actual Petrobrazi 3.5 2.8 Petrom Ernst BSE ING, ABN (OMV 51%) & Amro, RZB, Young Citibank, BCR Arpechim 3.5 2.7 Petrom Ernst BSE ING, ABN (OMV 51%) & Amro,
Slide 15: Investigations into privatization procedures
Investigations into privatization procedures Interest groups are still active in Romania and receive strong political backing PNA investigation started and ended last year— charges were rejected and sent for investigation to the General Prosecutor’s Office The General Prosecutor’s Office has l
Slide 16: What we are doing in response
What we are doing in response To prove our innocence we have been cooperating with prosecutors and provided documents and answers that show no wrongdoing Rompetrol retained the services of a team of local and international attorneys including international law firm Salans Rompetrol shareholder