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28.02.2003

Bank Austria Creditanstalt finances the Romanian oil company Rompetrol

Bank Austria Creditanstalt and its Romanian banking subsidiary HVB Bank Romania have signed an agreement with Rompetrol Rafinare for a US$ 30 million trade finance facility for the import and storage of crude oil. "Rompetrol Rafinare – Complexul Petromidia S.A." is part of the Rompetrol Group, the second-largest group of oil companies in Romania. This transaction enhances Rompetrol's liquidity position for the purchase of crude oil to ensure optimal capacity utilisation. 

With a market share of 28 per cent, Rompetrol is Romania's number two – number one is the state-owned Petrom – for the processing and distribution of oil and oil products. The Austrian oil company OMV has held a 25.1 per cent interest in Rompetrol since September 2002. In 1998, Rompetrol was taken over by a group of private investors led by Dinu Patriciu and Philip Stephenson. Since then the company has pursued an ambitious programme to further develop processing and distribution activities.

Bank Austria Creditanstalt has maintained a presence in Romania through its banking subsidiary HVB Bank Romania since 1997. The bank has five branches in Romania and plans to further expand its network. The bank employs about 180 staff and serves more than 10,000 customers.

Bank Austria Creditanstalt is responsible within the HVB Group for business development in Central and Eastern Europe. The Group is the largest network bank in the CEE region, wiith a network of some 900 offices in 15 countries.

Enquiries:  Bank Austria Creditanstalt Group Public Relations
Peter N. Thier, Tel. +43 50505 ext. 57126; E-Mail: peter.thier@ba-ca.com