Rom petrol Rafinare S.A. Corporate Presentation May 2 0 0 5
Table of Contents Group Overview Group Overview � History � History � Organizational Structure � Structure � Corporate Governance � Corporate Governance Rom petrol Rafinare ( “RRC”) Rom petrol Rafinare � Shareholders � Technical � Technical � Operational � Operational Rom petrol Rafinare Subsidiaries RRC’s Subsidiaries � Petrochemicals � Petrochemicals � � Wholesale and retail Wholesale and Retail RRC Rom petrol Rafinare � Strategy � Strategy � Capital Structure � Stock Performance � Financials � Financials 2004 vs. 2003 � Hybrid Instrument � Financials Q1 2005 vs. Q1 2004 � Hybrid Instrument - 2 -
Significant Corporate Events 1 9 7 4 - Established as the international operator of the Romanian oil industry Group Overview 1 9 9 3 - Privatized through a Management and Employee Buy Out (“MEBO”), turnover subsequently reduced to below $6 million � History by 1998 � Structure 1 9 9 8 - Control purchased by Dinu Patriciu and a group of local � Corporate Governance investors Rom petrol Rafinare ( “RRC”) 1 9 9 9 – Holding company established as The Rompetrol Group (TRG) in the Netherlands � Shareholders 1 9 9 9 – The first major acquisition; the Vega refinery located in Ploiesti, is bought and doubles its revenues in the first � Technical nine months after the take-over � Operational 2 0 0 0 - Private equity investment by US-managed Romania & Moldova Direct Fund L.P. RRC’s Subsidiaries 2 0 0 0 - Rompetrol takes over Petros – at that time Romania’s principal oilfield operator. The company has since been � Petrochemicals renamed Rompetrol Well Services � Wholesale and retail 2 0 0 1 – The Group’s largest acquisition, Petromidia S.A. (later renamed Rompetrol Rafinare), Romania’s largest and most sophisticated oil refinery. RRC � Strategy 2 0 0 1 – Rompetrol creates Rominserv, Romania’s first Engineering Procurement Construction & Maintenance (EPCM) company focusing on the oil industry � Capital Structure 2 0 0 2 – OMV of Austria buys 25.1% of TRG NV, RMDF exits. OMV Chairman Dr. Wolfgang Ruttenstorfer joins TRG � Financials Board � Hybrid Instrument 2 0 0 2 – Rompetrol opens subsidiaries in neighboring Republic of Moldova (Rompetrol Moldova) and Bulgaria (Rompetrol Bulgaria) 2 0 0 3 – Rompetrol Rafinare reaches an agreement with the Ministry of Public Finance to restructure a historical tax liability 2 0 0 4 – Rompetrol Rafinare (April) is listed on the Bucharest Stock Exchange & becomes 20% of Index (November) 2 0 0 4 – In June both Standard & Poor’s and Fitch rated The Rompetrol Group with B- Outlook Stable 2 0 0 5 – OMV completes Petrom acquisition and exits from TRG - 3 -
Corporate Structure Dinu Patriciu 80% Rompetrol Holding S.A. (Switzerland) 20% Phil Stephenson 100% The Rompetrol Group N.V. (The Netherlands) 82,36% 72,22% 85 % 90 % 60% 60% 51,74% 70,4% 60% 100 % 50 % RP Albania RP Albania Rompetrol Rompetrol Rompetrol P&G Consulting Rompetrol Rompetrol Rompetrol Rompetrol Downstream Wholesale Well Services Geopetsa Upstream Financial Group (Overseas) Ltd. S.A. Bulgaria JSC Moldova S.A. Rafinare S.A. Sh.A Sh.A SA (Ecuador) International Ltd. SRL (Cyprus) (Romania) (Bulgaria) (Moldova) (Romania) (Albania) (Albania) (Romania) (Bahamas) (Romania) 27,78% 95 % 15,86% 0,1% 9,14% Vector Energy 99.95% 99.52% S.A. 2,61% Ecomaster Rominserv (Switzerland) SA SA (Romania) (Romania) 23% 61.81% 100% 99,99% 96% 99% 23% 23% Rompetrol Rompetrol Rompetrol Rompetrol Rompetrol Rom Oil SA Quality Industrial Petrochemicals Downstream SA Logistics SA (Romania) Control SRL Parks SA SRL (Romania) (Romania) (Romania) (Romania) (Romania) Rominservices 59% 23% Therm SA (Romania) 99.4% 51% 97.28% Eurojet Palplast S.A. Global Romania Security Sistem (Romania) SA SA (Romania) (Romania) 83.91% 43.43% 60% Astra Investitii CET Midia Romcalor Oil Imobiliare SA SA Services SA (Romania) (Romania) (Romania)
Corporate Governance & Controls The Board of Directors of TRG N.V. (the parent company) approves all � major transactions and operations such as business Group Overview acquisitions/ disposals, fundamental business policy strategy, capital � History expenditure above certain limits, credit facilities above certain limits, � Structure long-term agreements above certain limits � Corporate Governance Rom petrol Rafinare ( “RRC”) All the Group companies have established (by the Board of Directors) � � Shareholders certain authority limits for the general managers acquisitions (divided in � Technical oil related/ investments/ other acquisitions) � Operational Annual audited IAS financials (consolidated and for each major � RRC’s Subsidiaries subsidiary) by Deloitte & Touche (Netherlands and Romania/ Bulgaria for � Petrochemicals subsidiaries); annual Management letter as well � Wholesale and retail RRC Group legal department advice on each major contract/ operation is � � Strategy required � Capital Structure All the Group companies credit facilities are negotiated by the Group � � Financials Treasury � Hybrid Instrument IT (based on Oracle Platform implemented for all operating subsidiaries) � has been a major factor in improving control functions by enabling management to access real time data, both operating and financial - 5 -
Rom petrol Rafinare - Petrom idia
Shareholders Group Overview Nam e No. No. of shares ( * ) % � History � Structure The Rompetrol 5 16,765,605,321 79.46% � Corporate Governance Group N.V. and Rom petrol Rafinare ( “RRC”) Affiliates � Shareholders � Technical Legal Entities 281 2,468,378,470 11.70% � Operational RRC’s Subsidiaries � Petrochemicals Individuals 33,000 1,865,292,211 8.84% � Wholesale and retail RRC � Strategy Total 3 3 ,2 8 6 2 1 ,0 9 9 ,2 7 6 ,0 0 2 1 0 0 .0 % � Capital Structure � Financials � Hybrid Instrument As of April 19, 2005 - 7 -
Refinery Refinery Technical Layout Layout Refinery layout Group Overview PROPANE � History METHANE AMINE TREATERS PLATFORMER HYDROGEN NAPHTHA AND CLAUS UNITS PLANTS HYDROTREATER n-BUTANE � 32 000 Structure 3x1700 500 000 833 000 � Corporate Governance RAFFINATE HYDROGEN REFINERY FUEL GAS Rom petrol Rafinare ( “RRC”) NETWORK AROMATIC JET FUEL EXTRACTION � HYDROTREATER Shareholders 340 000 430 000 LIGHT ENDS SEPARATION � Technical 200 000 OILFIELD CONDENSATE � Operational DIESEL BENZENE RRC’s Subsidiaries BTX HYDROTREATER SEPARATION 720 000 240 000 JET FUEL � Petrochemicals TOLUENE CRUDE � Wholesale and retail PROPYLENE FCC FEED FCC CRUDE UNIT HYDROTREATER 1 200 000 1 100 000 UNLEADED GASOLINE 4 800 000 o-XYLENE & RRC ETHYLBENZENE ETHYLBENZENE SEPARATION 90 000 � o-XYLENE Strategy SULPHUR � Capital Structure MTBE 35 000 C4 CUT � Financials DELAYED LPG p-XYLENE COKER SEPARATION 1 170 000 310 000 � Hybrid Instrument p-XYLENE FUEL OIL TEL ADDITION LEADED GASOLINE m-XYLENE 350 000 IZOMERIZATION 270 000 All capacities are in mt/y DIESEL COKE * All marked installations have been upgraded or otherwise modernized following investments - 8 -
Licensors Petromidia is the most sophisticated of all Romanian � Group Overview refineries � History � Structure Was designed and built between 1975-1977 using � � Corporate Governance Romanian and foreign technology: Rom petrol Rafinare ( “RRC”) � Shareholders - UOP � Technical - Mitsui � Operational - Snam Progetti RRC’s Subsidiaries � Petrochemicals - Heat Research � Wholesale and retail RRC Was modernized in the early 1990s and can process a � � Strategy wide variety of crude oils, with different sulfur content � Capital Structure and API � Financials � It is the only Romanian refinery producing Jet A-1 fuel Hybrid Instrument � and plans to become the prime supplier of jet fuel for aviation companies operating in Romania and the Republic of Moldova - 9 -
Logistical I nfrastructure The refinery general logistical fram ew ork includes: Group Overview � History • Pipelines � Structure • Maritim e berths for loading � Corporate Governance – unloading Rom petrol Rafinare ( “RRC”) � Shareholders • Railw ay loading-unloading � Technical facilities � Operational RRC’s Subsidiaries • Autom otive loading- � Petrochemicals unloading facilities � Wholesale and retail RRC The pipeline system � Strategy � The oil pipeline connecting Oil Terminal Constanta used for crude � Capital Structure oil imports � Financials � Hybrid Instrument � The gasoline pipeline connecting the refinery to Oil Terminal Constanta, used for gasoline exports � The diesel pipeline connecting the refinery to Oil Terminal Constanta, used for diesel exports. - 10 - 13
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