PARIS, January 22, 2006 - The Netherlands-based Rompetrol Group, NV (“TRG”) concluded the acquisition of 100% equity stake in France-based Dyneff, SA and affiliated companies. The value of the transaction remains undisclosed.
Rompetrol will integrate Dyneff’s wholesale and retail distribution networks with its major refinery business, providing the Company access to the West European market while utilizing its gas station expertise to modernize and improve the performance of Dyneff in its home market. With a presence on the Atlantic, Mediterranean and Black Seas, Rompetrol will be able to source crude oil from the least expensive areas of current production and sell directly into the most lucrative markets.
“The integration process starts immediately with our IT and trading systems being the first to come online in the coming weeks” said TRG CEO Dinu Patriciu. “Rompetrol will move swiftly on integrating all aspects of Dyneff’s operations within the following six months,” he added.
The Rompetrol Group N.V. ("TRG") was created in 1999 following the privatization of the petroleum sector of Romania. Rompetrol owns and operates two Romanian refineries, including the largest, most modern crude oil refinery on the Black Sea (“Petromidia”). The Company also owns and operates 8 regional storage facilities. Additionally, TRG group companies own, operate, or franchise approximately 320 gas stations throughout Romania, Bulgaria and Albania (some locally branded).
TRG’s consolidated turnover in 2005 is expected to be approximately USD 2.5 billion. Domiciled in the Netherlands and with controlled subsidiaries in Romania, Bulgaria, Albania, Georgia, Moldova, Cyprus, Switzerland, Russia, Libya and Kazakhstan, TRG expects this acquisition to approximately double its consolidated revenues in 2006.
French bank Societe Generale, which has existing banking relationships with both TRG and Dyneff, provided the bulk of acquisition financing for this transaction.
Rompetrol was advised in the transaction by the international law firm Salans and by Deloitte & Touche. Dyneff was advised by the Paris-based law firm Bureau Francis Lefebvre.
Corporate Communication & Public Affairs Department The Rompetrol Group