Appointment of a new Executive Board Member of OMV Petrom responsible for Upstream as of October 1, 2020

  • Sep 16, 2020
  • Petrom

In today’s meeting, the Supervisory Board of OMV Petrom appointed Christopher Veit as the new Executive Board Member of OMV Petrom responsible for Upstream. In line with OMV Petrom’s articles of association, the appointment is for the remaining term of the mandate granted to Peter Zeilinger, until April 16, 2023. Chris Veit accepted his appointment and will assume the mandate as of October 1, 2020.

Prior to the Supervisory Board meeting today, Peter Zeilinger waived his mandate as the Executive Board Member responsible for Upstream. His waiver shall become effective on September 30, 2020.

The Supervisory Board would like to thank Peter Zeilinger for his contribution and his commitment to the success of the company. At the same time, the Supervisory Board welcomes Chris Veit as the new Executive Board Member responsible for Upstream.

Peter Zeilinger holds a Masters degree in Petroleum Engineering from the Technical University of Clausthal-Zellerfeld in Germany. In more than 27 years with the OMV Group he held various technical and management positions in Austria, Albania, Pakistan, Romania and New Zealand. From 2011 to 2016 he led the Australasia region of OMV in Wellington as Managing Director for OMV New Zealand Ltd and Director of OMV Australia PTY. Peter Zeilinger spent almost 9 years with OMV Petrom in the position of Director Domestic Assets and from April 2016 as Executive Board member responsible for Upstream. During his tenure as member of the Board in OMV Petrom, the Upstream division implemented a number of strategic changes, including regional growth in the Black Sea, divestments of marginal fields as well as modernization and simplification of the production network. Peter Zeilinger is taking over the role as Senior Vice President Exploration, Production & Development in the Head office Vienna.

Chris Veit holds a degree in Mechanical Engineering and a Masters degree of Petroleum Engineering of the Mining University at Leoben. He started his career with Schlumberger as wireline engineer and joined 1986 OMV Austria Exploration & Production GmbH in Gaenserndorf as a Production Engineer. He has held various technical positions and subsequently management positions in Libya, Pakistan and as well as in Austria such as the Senior Vice President and Managing Director of OMV Austria Exploration & Production GmbH. As of January 2016, he took over the role as Senior Vice President for Exploration, Development and Production to develop and contribute to the evaluation and reorganization of whole OMV Upstream organization. Chris Veit currently represents OMV in several supervisory boards of its subsidiaries and is member of the advisory board of the Department Petroleum Engineering at Mining University Leoben.

OMV Petrom is the largest energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 55.4 million boe in 2019. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 802 filling stations, at the end of June 2020, under two brands – OMV and Petrom.

OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian State, through the Ministry of Economy, Energy and Business Environment, holds 20.639% of OMV Petrom shares, Fondul Proprietatea holds 9.998%, and 18.352% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with contributions of 30.4 billion euro in taxes and dividends paid between 2005 and 2019.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007-2019, the company has allocated approximately 66 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change.