Petromidia Constanta Refinery
Encyclopedia
Petromidia Refinery is the largest Romania
n oil refinery
and one of the largest in Eastern Europe
, located in Năvodari
, Constanţa County
, and has an annual processing capacity of 4.8 million tonnes/year or 100000 oilbbl/d. The refinery is supplied with oil
thru an oil terminal located in the Port of Midia
that can accommodate ships up to or by a pipeline of 40 kilometres (24.9 mi) which has a terminus in the Port of Constanţa
.
, Constanţa County
. The design and construction of the complex took two years and was based on Romania
n technology and foreign licenses. In 1991 the Midia Năvodari Petrochemical Factory is transformed into a joint stock company and the name is changed to SC Petromidia SA.
Between 1997 and 2000 the state tried to privatise the company several times. The first procedure was undertaken in 1997 and negotiations were held with a consortium made by South Korea
n Daewoo
and Swiss
company Glencore
and with a company named Petromidia USA (local representative of the Windmill company). Between July 1998 and January 1999 a new round of negotiations were finalised and the Turkish
company Akmaya was chosen as a strategic investor, offering a per share price of US$ 10.1. On November 1, 2000, the Romanian Property Fund sold a stake of 69,991% of the complex to Rompetrol Group BV Rotterdam
at a price of US$ 50.517 million equivalent to US$ 2 per share. The value of the transaction was US$ 615 million, of which US$ 225 million for modernisation works and other investments and US$ 340 million (US$ 169 million for debts to the state and US$ 171 million to banks and other creditors) for various debts. Rompetrol also changed the name of the refinery to Rompetrol Rafinare. In April 2004 Rompetrol Rafinare was listed on the Bucharest Stock Exchange
under the symbol RRC. Soon after it became one of the most important listed companies and in December 2004 it was included in the BET 10 index.
In 2003 the refinery was named Refinery of the Year in Central and Eastern Europe by the World Refining Association.
shore, thus having the advantage of being supplied directly through the oil terminal located in the Port of Midia
capable of receiving oil tanker
s up to or the 40 kilometres (24.9 mi) pipeline
starting in the Port of Constanţa
. The refinery has an annual processing capacity of 4.8 million tonnes/year or 100000 oilbbl/d and storage facilities for up to 400,000 m3 of oil
.
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n oil refinery
Oil refinery
An oil refinery or petroleum refinery is an industrial process plant where crude oil is processed and refined into more useful petroleum products, such as gasoline, diesel fuel, asphalt base, heating oil, kerosene, and liquefied petroleum gas...
and one of the largest in Eastern Europe
Eastern Europe
Eastern Europe is the eastern part of Europe. The term has widely disparate geopolitical, geographical, cultural and socioeconomic readings, which makes it highly context-dependent and even volatile, and there are "almost as many definitions of Eastern Europe as there are scholars of the region"...
, located in Năvodari
Navodari
Năvodari is a town in Constanţa County, region of Dobrogea, Romania, with a population of 32,400.-History:The settlement was mentioned for the first time in 1421 under the name Kara Koyun , to be renamed later on Karaköy or Carachioi...
, Constanţa County
Constanta County
Constanța is the name of a county in the Dobruja region of Romania. Its capital city is also named Constanța.-Demographics:In 2002, it had a population of 715,151 and the population density was 101/km². The degree of urbanization is much higher than the Romanian average. In recent years the...
, and has an annual processing capacity of 4.8 million tonnes/year or 100000 oilbbl/d. The refinery is supplied with oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
thru an oil terminal located in the Port of Midia
Port of Midia
The Port of Midia is located on the Black Sea coastline, approx 13.5 NM north of Constanţa.It is one of the satellite ports of Constanţa and was designed and built to serve the adjacent industrial and petrochemical facilities....
that can accommodate ships up to or by a pipeline of 40 kilometres (24.9 mi) which has a terminus in the Port of Constanţa
Port of Constanta
The Port of Constanța is located in Constanța, Romania, on the western coast of the Black Sea, from the Bosphorus Strait and from the Sulina Branch, through which the Danube river flows into the sea. It covers , of which is land and the rest, , is water. The two breakwaters located northwards...
.
History
The refinery was founded in 1975 as the Midia Năvodari Petrochemical Factory on a 480 hectares (51,666,770 sq ft) plot of land located in NăvodariNavodari
Năvodari is a town in Constanţa County, region of Dobrogea, Romania, with a population of 32,400.-History:The settlement was mentioned for the first time in 1421 under the name Kara Koyun , to be renamed later on Karaköy or Carachioi...
, Constanţa County
Constanta County
Constanța is the name of a county in the Dobruja region of Romania. Its capital city is also named Constanța.-Demographics:In 2002, it had a population of 715,151 and the population density was 101/km². The degree of urbanization is much higher than the Romanian average. In recent years the...
. The design and construction of the complex took two years and was based on Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n technology and foreign licenses. In 1991 the Midia Năvodari Petrochemical Factory is transformed into a joint stock company and the name is changed to SC Petromidia SA.
Between 1997 and 2000 the state tried to privatise the company several times. The first procedure was undertaken in 1997 and negotiations were held with a consortium made by South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
n Daewoo
Daewoo
Daewoo or the Daewoo Group was a major South Korean chaebol . It was founded on 22 March 1967 as Daewoo Industrial and was dismantled by the Korean government in 1999...
and Swiss
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
company Glencore
Glencore
Glencore International plc is a multinational mining and commodities trading company headquartered in Baar, Switzerland and with its registered office in Saint Helier, Jersey...
and with a company named Petromidia USA (local representative of the Windmill company). Between July 1998 and January 1999 a new round of negotiations were finalised and the Turkish
Turkey
Turkey , known officially as the Republic of Turkey , is a Eurasian country located in Western Asia and in East Thrace in Southeastern Europe...
company Akmaya was chosen as a strategic investor, offering a per share price of US$ 10.1. On November 1, 2000, the Romanian Property Fund sold a stake of 69,991% of the complex to Rompetrol Group BV Rotterdam
Rompetrol
The Rompetrol Group N.V. , is a Romanian oil company, that operates in many countries throughout Europe:unclear what "market share": refining? downstream? extraction? well services?*Romania - 2nd largest oil company, 40% market share...
at a price of US$ 50.517 million equivalent to US$ 2 per share. The value of the transaction was US$ 615 million, of which US$ 225 million for modernisation works and other investments and US$ 340 million (US$ 169 million for debts to the state and US$ 171 million to banks and other creditors) for various debts. Rompetrol also changed the name of the refinery to Rompetrol Rafinare. In April 2004 Rompetrol Rafinare was listed on the Bucharest Stock Exchange
Bucharest Stock Exchange
The Bucharest Stock Exchange is a stock exchange in Bucharest, capital of Romania. On December 1, 2005, Bucharest's electronic over-the-counter stock market, Rasdaq, was merged with the Bucharest Stock Exchange....
under the symbol RRC. Soon after it became one of the most important listed companies and in December 2004 it was included in the BET 10 index.
In 2003 the refinery was named Refinery of the Year in Central and Eastern Europe by the World Refining Association.
Refining capacity
Petromidia is the only Romanian refinery located at the Black SeaBlack Sea
The Black Sea is bounded by Europe, Anatolia and the Caucasus and is ultimately connected to the Atlantic Ocean via the Mediterranean and the Aegean seas and various straits. The Bosphorus strait connects it to the Sea of Marmara, and the strait of the Dardanelles connects that sea to the Aegean...
shore, thus having the advantage of being supplied directly through the oil terminal located in the Port of Midia
Port of Midia
The Port of Midia is located on the Black Sea coastline, approx 13.5 NM north of Constanţa.It is one of the satellite ports of Constanţa and was designed and built to serve the adjacent industrial and petrochemical facilities....
capable of receiving oil tanker
Oil tanker
An oil tanker, also known as a petroleum tanker, is a merchant ship designed for the bulk transport of oil. There are two basic types of oil tankers: the crude tanker and the product tanker. Crude tankers move large quantities of unrefined crude oil from its point of extraction to refineries...
s up to or the 40 kilometres (24.9 mi) pipeline
Pipeline transport
Pipeline transport is the transportation of goods through a pipe. Most commonly, liquids and gases are sent, but pneumatic tubes that transport solid capsules using compressed air are also used....
starting in the Port of Constanţa
Port of Constanta
The Port of Constanța is located in Constanța, Romania, on the western coast of the Black Sea, from the Bosphorus Strait and from the Sulina Branch, through which the Danube river flows into the sea. It covers , of which is land and the rest, , is water. The two breakwaters located northwards...
. The refinery has an annual processing capacity of 4.8 million tonnes/year or 100000 oilbbl/d and storage facilities for up to 400,000 m3 of oil
Oil
An oil is any substance that is liquid at ambient temperatures and does not mix with water but may mix with other oils and organic solvents. This general definition includes vegetable oils, volatile essential oils, petrochemical oils, and synthetic oils....
.