Oil Industry of South Eastern Europe

Oil industry of South Eastern Europe - vital for further successful economic development of the region - has been recently undergoing important changes. The process involves upstream, midstream and downstream sectors and includes:

• development of offshore and onshore exploration and production
• development of transportation infrastructure
• diversification of oil supply to the region
• modernization of oil refineries according to EU standards; development of wholesale and retail markets of oil products

Oil Industry of South Eastern Europe covers in its analysis the following countries:

• Albania
• Bosnia and Herzegovina
• Bulgaria
• Croatia
• Greece
• Hungary
• Macedonia
• Montenegro
• Romania
• Serbia
• Slovenia

Each country industry section contains market and industry research on historical development, current state and development outlook for the oil industry including:

• government strategy and industry development plans
• upstream activities and key players in the sector
• midstream: transportation infrastructure, current and projected, development forecast
• downstream: current state and development outlook for all local refineries and petrochemical plants
• oil products market, wholesale and retail: current and projected development

Oil Industry of South Eastern Europe also contains detailed profiles of major SEE oil market players - OMV, LUKOIL, MOL, Hellenic Petroleum - stating:

• production and financial indicators
• current activities and development outlook
• SWOT analysis of the players’ further presence in the region

The study is an important source of information for:

• oil producing companies
• oil transportation, distribution and trading companies
• service and equipment suppliers
• engineering companies
• investment and banking institutions
• consultancies

Chapter 1. Introduction

 
Chapter 2. Macroeconomic Environment and Development Strategy
2.1. Macroeconomic situation
2.2. Key oil players in the processes of oil sector privatisation
2.3. Upstream activities with development strategy
2.4. Midstream: crude oil transportation infrastructure, current and projected development forecast
2.5. Downstream: current state and development outlook
2.6. Oil products market activities

 
Chapter 3. Petroleum Indstry of Albania

3.1. Historical development and organization structure
3.2. Upstream activities with development strategy
      3.2.1. Crude oil production 
      3.2.2. Development strategy
3.3. Midstream: transportation infrastructure, current and projected, development forecast
      3.3.1. Crude oil transportation 
      3.3.2. Oil products transportation
3.4. Downstream: current state and development outlook 
      3.4.1. Oil refining industry
      3.4.2. Petrochemical industry
      3.4.3. Downstream development strategy
3.5. Oil products market, wholesale and retail: current and projected development

  
Chapter 4. Petroleum Indstry of Bosnia and Herzegovina
4.1. Historical development and organization structure
4.2. Upstream activities with development strategy
      4.2.1. Crude oil production
      4.2.2. Development strategy
4.3. Midstream: transportation infrastructure, current and projected, development forecast
      4.3.1. Crude oil transportation
      4.3.2. Oil products transportation
4.4. Downstream: current state and development outlook
      4.4.1. Oil refining industry 
      4.4.2. Petrochemical industry
      4.4.3. Downstream development strategy
4.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 5. Petroleum Industry of Bulgaria
5.1. Historical development and organization structure
5.2. Upstream activities with development strategy
      5.2.1. Crude oil production
      5.2.2. Development strategy
5.3. Midstream: transportation infrastructure, current and projected, development forecast
      5.3.1. Crude oil transportation
      5.3.2. Oil products transportation
5.4. Downstream: current state and development outlook
      5.4.1. Oil refining industry
      5.4.2. Petrochemical industry
      5.4.3. Downstream development strategy
5.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 6. Petroleum Industry of Croatia

6.1 . Historical development and organization structure
6.2. Upstream activities with development strategy
      6.2.1. Crude oil production
      6.2.2. Development strategy
6.3. Midstream: transportation infrastructure, current and projected, development forecast
      6.3.1. Crude oil transportation
      6.3.2. Oil products transportation
6.4. Downstream: current state and development outlook
      6.4.1. Oil refining industry
      6.4.2. Petrochemical industry
      6.4.3. Downstream development strategy
6.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 7. Petroleum Industry of Greece
7.1. Historical development and organization structure
      7.1.1. Hellenic Petroleum
7.2. Upstream activities with development strategy
      7.2.1. Crude oil production 
      7.2.2. Development strategy
7.3. Midstream: transportation infrastructure, current and projected, development forecast
      7.3.1. Crude oil transportation 
      7.3.2. Oil products transportation
7.4. Downstream: current state and development outlook
      7.4.1. Oil refining industry
      7.4.2. Petrochemical industry 
      7.4.3. Downstream development strategy
7.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 8. Petroleum Industry of Hungary
8.1. Historical development and organization structure
8.2. Upstream activities with development strategy
      8.2.1 Crude oil production
      8.2.2. Development strategy
8.3. Midstream: transportation infrastructure, current and projected, development forecast
      8.3.1. Crude oil transportation
      8.3.2. Oil products transportation
8.4. Downstream: current state and development outlook 
      8.4.1. Oil refining industry
      8.4.2. Petrochemical industry
      8.4.3. Downstream development strategy
8.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 9. Petroleum Industry of Macedonia
9.1. Historical development and organization structure
9.2. Upstream activities with development strategy
      9.2.1. Crude oil production
      9.2.2. Development strategy
9.3. Mid-stream: transportation infrastructure, current and projected, development forecast
      9.3.1. Crude oil transportation
      9.3.2. Oil products transportation
9.4. Downstream: current state and development outlook
      9.4.1. Oil refining industry
      9.4.2. Petrochemical industry
      9.4.3. Development strategy
9.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 10. Petroleum Industry of Montenegro
10.1. Historical development and organization structure
10.2. Upstream activities with development strategy
       10.2.1. Crude oil production
10.3. Midstream: transportation infrastructure, current and projected, development forecast
       10.3.1. Crude oil transportation 
       10.3.2. Oil products transportation
10.4. Downstream: current state and development outlook
       10.4.1. Oil refining industry 
       10.4.2. Petrochemical industry
10.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 11. Petroleum Industry of Romania
11.1. Historical development and organization structure
       11.1.1. Petrom
       11.1.2. Rompetrol Group 
       11.1.3. Petrotel - Lukoil
11.2. Upstream activities with development strategy
       11.2.1. Petrom crude oil production
       11.2.2. Rompetrol 
       11.2.3. Foreign companies
11.3. Midstream: transportation infrastructure, current and projected, development forecast 
       11.3.1. Crude oil transportation 
       11.3.2. Oil products transportation
       11.3.3. Import
11.4. Downstream: current state and development outlook 
       11.4.1. Oil refining industry
       11.4.2. Petrochemical industry
       11.4.3. Downstream development strategy
11.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 12. Petroleum Industry of Serbia
12.1. Historical development and organization structure
12.2. Upstream activities with development strategy
       12.2.1. Crude oil production
       12.2.2. Development strategy
12.3. Midstream: transportation infrastructure, current and projected, development forecast 
       12.3.1. Crude oil transportation 
       12.3.2. Oil products transportation
12.4. Downstream: current state and development outlook
       12.4.1. Oil refining industry
       12.4.2. Petrochemical industry
       12.4.3. Downstream development strategy
12.5. Oil products market, wholesale and retail: current and projected development

 
Chapter 13. Petroleum Industry of Slovenia
13.1. Historical development and organization structure
13.2. Upstream activities with development strategy
       13.2.1. Crude oil production
       13.2.2. Development strategy
13.3. Midstream: transportation infrastructure, current and projected, development forecast
13.4. Downstream: current state and development outlook
       13.4.1. Oil refining industry
       13.4.2. Petrochemical industry
       13.4.3. Downstream development strategy
13.5. Oil products market, wholesale and retail: current and projected development
       13.5.1. Petrol Group
       13.5.2. OMV Istrabenz

 
Chapter 14. Key South-Eastern European Oil Players
14.1. OMV
        14.1.1. Historical development
        14.1.2. Organization structure, key companies and subsidiaries
        14.1.3. Refining and Marketing
        14.1.4. Exploration and production key figures
        14.1.5. Gas sector
        14.1.6. OMV strategy in 2006-2010
        14.1.7. OMV SWOT analysis
14.2. LUKOIL
        14.2.1. Historical development
        14.2.2. Oil and gas reserves
        14.2.3. Exploration
        14.2.4. Production
        14.2.5. Oil transportation
        14.2.6. Refining 
        14.2.7. Petrochemicals
        14.2.8. Marketing
        14.2.9. LUKOIL strategic development
14.3. MOL
        14.3.1. Historical development
        14.3.2. Exploration and production
        14.3.3. Refining and marketing
        14.3.4. Petrochemicals
        14.3.5. Natural gas
        14.3.6. Lubricants
        14.3.7. MOL-INA strategic partnership
        14.3.8. Strategic objectives
14.4. HELLENIC PETROLEUM
        14.4.1. HP historic development
        14.4.2. HP organizational structure
        14.4.3. HP investments in the recent past 
        14.4.4. Hydrocarbon exploration and production
        14.4.5. Refining
        14.4.6. Storage facilities and supply
        14.4.7. Petroleum retail sales
        14.4.8. Petrochemicals
        14.4.9. Engineering
        14.4.10.Production/sales of other energy products

Figure 2.1. Strategy of key oil companies in SEE region
Figure 2.2. Caspian oil exports scenario (million tons)
Figure 2.3. Central and SE Europe petroleum company participation in domestic market
Figure 2.4. Central and SE Europe petroleum company participation in domestic petrol stations
Figure 3.1. Albanian Petroleum Corporation structure
Figure 3.2. APC development strategy
Figure 3.3. Albania petroleum sector structure
Figure 3.4. Crude oil production in Albania 1980-2004. (thousand tons per year)
Figure 3.5. Ballsh refinery separated oil products
Figure 3.6. Total oil products consumption in Albania in the period 1995-2005 and forecast up to 2015 (million tones)
Figure 4.1. Bosnia and Herzegovina petroleum sector structure
Figure 4.2. Participation of shareholders in Modrica refinery ownership (%)
Figure 4.3. Energopetrol trading company ownership structure (%)
Figure 5.1. Bulgaria petroleum sector structure
Figure 5.2. Crude oil production in Bulgaria 2000-2005 (thousand tons)
Figure 5.3. Oil import to Bulgaria
Figure 5.4. Rompetrol Bulgaria sales volume, in 2004-2005 (in tons)
Figure 5.5. Oil products traders in Bulgaria (%)
Figure 6.1. INA organizational structure
Figure 6.2. Croatia petroleum sector structure
Figure 6.3. Naftaplin crude oil production in the period 1999-2005 (million tons)
Figure 6.4. Import to Croatia (thousand tons)
Figure 6.5. JANAF ownership structure
Figure 6.6. DIOKI capacities by products (thousand tons per year)
Figure 6.7. Contribution of oil products from INA refineries, in total consumption in the region
Figure 7.1. Structure of petroleum sector of Greece
Figure 7.2. The EL.P.ET. Balkaniki S.A. shareholders participation structure
Figure 7.3. MOH shareholder structure
Figure 7.4. Greek oil production 2000 - 2005 (thousand tons)
Figure 7.5. Greek oil import (mln tones)
Figure 7.6. Aspropyrgos refinery production (%). Total 7 mln tons per year
Figure 7.7. Athens Airport Fuel Supply Pipeline Company shareholders
Figure 7.8. OFC shareholders
Figure 8.1. Hungary petroleum sector
Figure 8.2. Current MOL shareholders
Figure 8.3. MOL shares in other companies
Figure 8.4. MOL development strategy
Figure 8.5. Efficiency improvement share by divisions, between 2006 and 2010
Figure 8.6. Total CAPEX share by divisions, between 2006 and 2010
Figure 8.7. Oil production in Hungary 2000-2005 (thousand tons)
Figure 8.8. Crude oil import to Hungary in 2000-2005 (thousand tons)
Figure 8.9. Financial and non-financial MOL objectives in upstream
Figure 8.10. Crude oil processed in Sashalombata-Dunai refinery, in 1995-2005 (million tons)
Figure 8.11. Motor fuels quality growth in MOL group
Figure 8.12. MOL Group petrochemicals sales in the period 2004-2005 (in thousand tons)
Figure 8.13. Financial and non-financial MOL objectives in downstream
Figure 8.14. Main participants in Hungarian retailing market (mid-2006)
Figure 8.15. MOL Group oil products sales in the period in 2004-2005 (thousand tons)
Figure 9.1. Industry sector structure in Macedonia
Figure 9.2. OKTA refinery ownership structure
Figure 9.3. EL.P.ET. Balkaniki S.A. shareholding structure (%)
Figure 9.4. Thessaloniki-Skopje oil pipeline throughput, in 2002-2005
Figure 9.5. Crude oil processed in OKTA refinery, in 2002-2005 (thousand tons)
Figure 9.6. OKTA refinery sales volume, domestic market and exports, in 2002-2005
Figure 10.1. Montenegro petroleum industry structure
Figure 10.2. Petroleum products sales in the country. (%)
Figure 11.1. Romanian petroleum sector structure
Figure 11.2. Petrom shareholders in 2006
Figure 11.3. The ownership structure of the Petrotel - LUKOIL refinery
Figure 11.4. Petrom oil production in Romania in 1996-2005 (million tons)
Figure 11.5. Crude oil import to Romania in 1996-2005. (million tons)
Figure 11.6. Oil refining in Romania in 1996-2005 (million tons)
Figure 11.7. Intermediates exchange between Petrobrazi and Arpechim refineries
Figure 11.8. Petromidia refinery yields structure in 2005 (in percent)
Figure 11.9. Processed crude oil structure in Petromidia (percent)
Figure 11.10. Rompetrol Petrochemicals polypropylene production, in the period 2000-2005 (tons)
Figure 11.11. Rompetrol petrochemicals sales volume, in 2004 - 2005 (in tons)
Figure 11.12. Romoil sales evolution, in the period 2002 - 2005 (thousands tons)
Figure 11.13. Main retail operators in Romania (mid 2005)
Figure 12.1. Petroleum industry of Serbia structure
Figure 12.2. NIS development strategy targets
Figure 12.3. Crude oil production and consumption in Serbia, in 1995-2005 (thousand tons)
Figure 12.4. Estmated NIS future oil production up to 2010. (thousand tons)
Figure 12.5. HIP-Petrohemija ownership shares (%)
Figure 12.6. Annual capacities of Petrohemija ethylene plant (tons)
Figure 12.7. Designed annual capacity of Chlor-alkali electrolysis plant(tons)
Figure 12.8. HIP-Petrohemija petrochemicals production in the period 1996-2005 (thousand tons)
Figure 13.1. Petroleum sector of Slovenia
Figure 13.2. Oil consumption in Slovenia in 1996-2005 (thousand tons)
Figure 13.3. Participation of traders in Slovenian retail business (%)
Figure 13.4. Petrol group ownership (%)
Figure 14.1. OMV ownership structure (%)
Figure 14.2. Group capital expenditure (CAPEX) in 2005, by segments (in EUR million)
Figure 14.3. Total future CAPEX per division (in %)
Figure 14.4. Oil reserves distribution by countries (%)
Figure 14.5. LUKOIL oil reserves growth in 2000-2006 (million barrels)
Figure 14.6. LUKOIL gas reserves distribution by countries (%)
Figure 14.7. LUKOIL gas reserves growth in 2000-2006 (billion cubic meters)
Figure 14.8. LUKOIL reserves extentions and discoveries 2000-2005 (mln boe)
Figure 14.9. Number and average depth of exploration wells drilled in Russia
Figure 14.10. LUKOIL capital expenditures in Russia and international in 2000-2005 (USD million)
Figure 14.11. LUKOIL oil production, in 2001-2005 (million tons)
Figure 14.12. LUKOIL natural gas production, in 2001-2005 (bcm)
Figure 14.13. Crude oil export in 2001-2005 (million tons)
Figure 14.14. Crude oil refining in LUKOIL refineries in Russia and abroad in 2001-2005 (million tons)
Figure 14.15. Structure of LUKOIL petroleum product sales (wholesale and retail, 2005) (%)
Figure 14.16. Structure of LUKOIL petroleum products sales in Europe and CIS (wholesale and retail, 2005) (%)
Figure 14.17. LUKOIL new strategic targets
Figure 14.18. MOL proven oil and gas reserves in 2001-2005 (million barrels oe)
Figure 14.19. MOL oil and gas production in 2001-2005 (million barrels oe)
Figure 14.20. MOL oil processing in 2001-2006 3Q (thousand tons)
Figure 14.21. Slovnaft products shares
Figure 14.22. MOL petrochemical production structure in 2005 (%). Total 3 million tons
Figure 14.23. Shareholders of HP at the beginning of 2006
Figure 14.24. Organization structure of the Hellenic Petroleum Group
Figure 14.25. Management structure of HP
Figure 14.26. Crude oil supplies to HP refineries in 2005
Figure 14.27. Vertical integration in HP petrochemical business in 2005

Table 2.1. Parameters of South Easrtern Europe regional development
Table 2.2. Crude oil production, consumption and proved reserves in SE European countries
Table 2.3. Natural gas, crude oil and oil products pipelines in SE European countries
Table 2.4. Length of PEOP oil pipeline
Table 2.5. Comparison between Russian crude oil transport costs to Serbian refineries - Present situation vs. PEOP
Table 2.6. Oil refineries in the SEE region
Table 2.7. Main petrochemical plants with owners and producing volumes
Table 2.8. Main retail market transactions in SEE region, in the period 1999-2003
Table 4.1. Old line of oil refining in Brod refinery, units, licensors and nominal capacity
Table 4.2. New line of oil refining in Brod refinery, units, licensors and nominal capacity
Table 5.1. Rompetrol Bulgaria key financial data, in 2004-2005 (in thousands USD)
Table 6.1. Rijeka and Sisak oil refineries units and designed capacities (thousand tons)
Table 7.1. Main financial data, in Hellenic Petroleum hydrocarbon exploration and production sector, in the period 2001-2004 (EUR million)
Table 7.2. Hellenic Petroleum Group oil refineries in Greece main units and capacities
Table 7.3. Hellenic Petroleum Group oil refineries net production, in the period 2002-2005
Table 7.4. Main financial data, in Hellenic Petroleum refining/supply sector, in the period 2001-2004 (EUR million)
Table 7.5. Main financial data, in Hellenic Petroleum petrochemicals sector, in the period 2001-2004 (EUR million)
Table 7.6. Hellenic Petroleum Group refineries, marketing and petrochemical sales volumes, in the period 2002-2005(thousand tons)
Table 7.7. Main financial data, in Hellenic Petroleum retail sales of oil products sector, in the period 2001-2004 (EUR million)
Table 8.1. MOL strategic targets in the period 2003-2005 and their realization
Table 8.2. Currently production and reserves in MOL and INA
Table 8.3. Main process units with designed capacities in Sashalombata-Dunai refinery
Table 8.4. Yield structure without and with delayed coker unit
Table 8.5. TVK units with licensors, year of construction and capacities
Table 9.1. OKTA refinery in units with nominal capacity
Table 11.1. The Rompetrol Group key financial data in 2004-2005 (in thousands USD)
Table 11.2. Rompetrol Group EBITDA detailed analysis per segments, in 2004-2005 (in thousands USD)
Table 11.3. Participation of some kind of crude oil and oil products total transport
Table 11.4. Crude oil refined in Petrom's refineries, in 2001-2005 (million tons)
Table 11.5. Rompetrol Rafinare key financial data in 2005
Table 11.6. Total crude oil processed in Petromidia refinery, in 2001- 2005 (thosand tons)

Table 11.7. Romanian oil refineries main units with nominal capacity
(before upgrading and modernization) (thousand tons/year)

Table 11.8. Romanian oil refineries with designed capacity, utilization and Nelson index
Table 11.9. Rompetrol oil products market in 2004 - 2005 (in tons)
Table 11.10. Oil products consumption in Romania, in the period 1999-2005 (in thousand tons)
Table 11.11. Forecast of oil products production and consumption in Romania
(in thousand tonst)
Table 12.1. Petroleum industry of Serbia SWOT analysis
Table 12.2. Pancevo oil refinery units with designed capacities(thousand tons/year)
Table 12.3. Novi Sad oil refinery units with designed capacities(thousand tons/ year)
Table 12.4. Main investments in the Serbian refineries, in the period 2003-2005 (EUR million)
Table 12.5. Projects and licensors for Serbian refineries program modernization
Table 12.6. Total oil products consumption in Serbia, in the period 2002-2005 (in thousand tons)
Table 12.7. Projected oil products demand in Serbia, in the period 2006-2010 (thousand tons)
Table 14.1. Key companies and subsidiaries of OMV Actiengesellschaft outside South-Eastern Europe
Table 14.2. OMV participation in South-Eastern Europe
Table 14.3. OMV Group financial overview, in 2004 and 2005 (in EUR million)
Table 14.4. Group financial results in 2005, by segments (in EUR million)
Table 14.5. OMV refining sector, crude oil processing and oil products sales in 2005
(in thousand tons)
Table 14.6. OMV retail network outside South-Eastern Europe
Table 14.7. OMV retail network in South-Eastern Europe
Table 14.8. OMV exploration and production key figures, provided reserves and production in 2005
Table 14.9. OMV gas sector key figures in 2005
Table 14.10. OMV SWOT analysis in South-Eastern Europe
Table 14.11. Structure of petroleum product output at LUKOIL Group refineries*, %
Table 14.12. Processing and production of petrochemicals at LUKOIL petrochemical plants (million tons)
Table 14.13. LUKOIL in South-Eastern Europe SWOT analysis
Table 14.14. Main units with designed capacities and start - up year in Slovnaft refinery
Table 14.15. MOL Group key financial targets and key assumptions 2010
Table 14.16. MOL in South-Eastern Europe SWOT analysis
Table 14.17. Hellenic Petroleum Group key financials in 2002-2005 (Euro million)
Table 14.18. Hellenic Petroleum Group oil refineries net production, in the period 2002-2005
Table 14.19. Hellenic Petroleum in SEE SWOT analysis

Map 2.1. Main oil pipeline routes in Central and East Europe
Map 2.2. PEOP oil pipeline route
Map 2.3. Burgas-Aleksandroupolis
Map 2.4. Burgas-Vlore project
Map 2.5. Three oil pipelines and the main supporting forces
Map 3.1. Petroleum sector of Albania
Map 4.1. Bosnia and Herzegovina petroleum map
Map 5.1. Petroleum sector of Bulgaria
Map 5.2. Positions of Bulgarian oil terminals
Map 6.1. Petroleum sector of Croatia
Map 7.1. Petroleum sector of Greece
Map 8.1. Petroleum industry of Hungary
Map 8.2. FRIENDENDSHIP oil pipeline and connection with JANAF oil pipeline and product pipeline routes
Map 8.3. MOL Group and INA filling stations
Map 9.1. Petroleum industry of Macedonia
Map 10.1. Petroleum industry of Montenegro
Map 11.1. Romanian petrolrum industry
Map 12.1 Petroleum industry of Serbia
Map 12.2. Planned oil products pipeline
Map 13.1 Petroleum industry of Slovenia
Map 14.1. OMV refining and marketing operations area
Map 14.3. Position of the Hellenic Petroleum Group and MOH refineries