OMV Petrom: Investment as Partnership-When It Takes Three to Tango

Case Solution

Dante Roscini, Emer Moloney, Daniela Beyersdorfer
Harvard Business School ()

Petrom was privatized by the Romanian state in 2004 and taken over by Austrian oil company OMV, and the state retained a 20.6% stake in the company. The situation was particularly challenging for the foreign investor, as the sector in which the company operated was strategic, regulated by the Romanian state, and the company was a major employer and taxpayer in a country that was undergoing major structural changes. Under the leadership of OMV and CEO Mariana Gheorghe, OMV Petrom has nearly doubled net profits and sales since 2005, while reducing its workforce by 50%. Gheorghe had negotiated challenges stemming from Petrom’s legacy as a state-owned company, such as lack of investment, obsolete assets, operational inefficiency and red tape, while she successfully managed the triangular partnership between the acquirer OMV, she acquired OMV Petrom and the Romanian government.

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