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OMV Petrom is ready to respond to COVID-19 and the new market environment
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Specific measures have been implemented to ensure security of supply and to protect our employees and customers
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Proven track record of managing impact of global crises; integrated business model and leaner organization; intensified efforts to reduce financial impact
OMV Petrom, the largest energy company in South-Eastern Europe, implemented a series of measures to ensure the smooth running of activities and to protect the health of employees and customers, while supporting the efforts of the authorities and the population to combat the spread of COVID-19 virus.
Christina Verchere, CEO OMV Petrom: “We are dealing with an unprecedented global situation, which requires a swift and firm response from people, businesses and authorities. We have mobilized our teams and are working closely with the authorities to secure the energy the country needs, while ensuring the right measures for the health of our employees and customers.”
To ensure the security of supply, we have activated our Business Continuity Plan which includes specific measures to ensure the running of our critical operations, taking into account the different stages of the coronavirus situation. A dedicated management team monitors the situation daily and is working intensively to contain the impact on operations and critical infrastructure. The activity in the areas of Upstream production, refinery and power plant was organized to ensure the continuity of the operations, while implementing the measures imposed by the authorities.
To protect our employees and customers, we implemented working from home for the employees who can perform their activities remotely, as well as flexible working hours. Online, video and electronic applications are used at a large scale for meetings and signing of documents electronically, thus ensuring, as much as possible, social distancing.
All the measures recommended by the authorities were implemented in our OMV and Petrom filling stations, from strict hygiene measures to prevention messages for customers and temporary suspension of gastro areas, with products available only to-go. The employees of the filling stations are equipped with disinfectants, disposable gloves and masks. In addition, the company has supplemented the deliveries of products in both filling station networks, to meet the needs of customers.
We have a proven track record of managing crises, as demonstrated by the manner in which we navigated through the 2008-2009 economic crisis and the low oil price environment in 2014-2016. Our integrated business model, with the Petrobrazi refinery on the oil value chain and the Brazi power plant on the gas value chain, is expected to support our financial results.
However, we recognize that this time we are facing an unprecedented difficult situation, with a severely depressed oil price environment accompanied by a weakening economic situation, which impose timely and appropriate measures to reduce the impact on our financial position. Consequently, we will intensify our efforts for CAPEX prioritization, portfolio optimization and cost reduction while maintaining our commitment to safety, to reduce our carbon footprint and to create long-term value to our stakeholders.