OMV Petrom Marketing and OMV Petrom Aviation, both controlled by Romania’s largest oil & gas group OMV Petrom, will merge by absorption.
OMV Petrom Aviation distributes kerosene for aircraft whereas OMV Petrom Marketing is in charge with petroleum product sale.
The merger, which will take place on November 1, will reduce administrative and operational costs and will accelerate the decision-making process, reports local Profit.ro.
OMV Petrom Aviation supplies fuel for the aircraft at the Otopeni, Timisoara, Bacau, Sibiu and Cluj-Napoca airports. The company recorded losses in the last two years, namely EUR 210,100 in 2015 and EUR 53,500 in 2016. Its turnover reached EUR 3.1 million last year, down 8% year-on-year.
OMV Petrom Marketing saw a net profit of EUR 84 million last year, up 17% year-on-year. Its turnover amounted to EUR 3.1 billion, down 2% year-on-year.