OMV Petrom SA : Petrom maintains its solid financial position by optimizing financing ...

Bucharest,
November 23, 2011

• Medium term multi-currency revolving credit facility concluded to replace existing credit facilities contracted in 2008 and 2009 with 2012 maturities
• Facility substantially oversubscribed confirms the banks' confidence in the company
• Potential use for general corporate purposes including financing current investments program
• Company's gearing ratio stays low at approximately 11%

Petrom, the largest oil and gas producer in Southeastern Europe, contracted a multi-currency revolving credit facility amounting to EUR 930 mn with a tenor of three years and a possibility of prolongation for two more consecutive years. The credit facility was substantially oversubscribed, being initially launched for an amount of EUR 750 mn. This loan replaces the credit facilities amounting to EUR 875 mn contracted in 2008 and 2009 which were due in 2012 and not utilized at the date of replacement. The credit will be used for general corporate purposes including financing the current investments program. Petrom continues to apply a prudent financial policy. At the end of September 2011, Petrom's gearing ratio was approximately 11%, while it has never exceeded 16% during the postprivatization period.

Daniel Turnheim, CFO Petrom: "By extending the financing maturity we maintain our strong financial position in a highly volatile environment. We are the largest investor in the Romanian energy sector with annual investments of more than EUR 1 bn per year for the last six years; our investments weighed a considerable 3-4% of the total investments in Romania in 2010. Contracting this credit facility despite the challenging market environment confirms the banks' confidence in our financial capabilities."

BNP Paribas, BRD - GROUPE SOCIETE GENERALE S.A., Citi, Raiffeisen Bank International AG and Unicredit acted as Bookrunners and Mandated Lead Arrangers in the transaction. The bank syndicate comprises a total of 14 domestic and international lenders. The initial margin is set at 190 bps p.a. over the relevant reference rate.

As of November 23, 2011, the unused committed facilities, which are available to the Petrom Group, amount to approximately EUR 1 bn.

Petrom Group
Petrom Group is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. The Group consolidated its position on the oil market in Southeastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 6.6 bn during the last six years.

In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 832 mn boe (in Romania 805 mn boe) and has a maximum annual refining capacity of 4.5 mn tons.

Petrom Group is present in the distribution market for oil products through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by Petrom. OMV Petrom Marketing operates 546 filling stations, out of which 389 are Petrom and 157 OMV. The Group also owns an international network of approximately 250 filling stations, located in the Republic of Moldova, Bulgaria and Serbia.

For the Group's sustainable development, its strategy includes business diversification by approaching the power market. In this context, Petrom is building a 860 MW gas fired power plant at Brazi and began commercial operations at the Dorobantu 45 MW wind park.

In 2010, the Group's turnover was EUR 4,421 mn, EBIT was EUR 709 mn.

OMV, one of Austria's largest listed industrial companies holds a 51.01% share in Petrom. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 18 bcm of gas in 2010. In Refining and Marketing, OMV has an annual refining capacity of 22.3 mn t and as of the end of June 2011approximately 4,700 filling stations in 13 countries including Turkey.

The Ministry of Economy holds 20.64% of Petrom shares, the Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% is free float on the Bucharest Stock Exchange.