Regulatory News:
Petroplus Holdings AG (SWX:PPHN) today announced Robert J.
Lavinia, currently Petroplus´s President, has been appointed Chief
Executive Officer of the Company, effective March 1, 2008. In this
capacity he succeeds Thomas D. O´Malley, who will continue as Chairman
of the Board of Directors.
Thomas D. O´Malley, Petroplus´s current Chief Executive Officer,
said, "The addition of Bob Lavinia to our management team in July 2007
as President was an important step in the consolidation of the
management structure of the Company. Petroplus has grown from a small,
privately held refiner in May 2006 to Europe´s largest publicly-held
independent refiner. The continued projected growth, including the
acquisition of Shell´s Petit Couronne and Reichstett refineries in
France, requires the Company to focus very carefully on day-to-day
operations. Mr. Lavinia´s broad operating background will provide the
Company with needed expertise and management. I have complete
confidence in Mr. Lavinia´s ability to run and optimize Petroplus´s
growing portfolio of refineries."
Mr. O´Malley further stated, "My area of expertise, and indeed my
desired role in Petroplus, is to continue to grow the enterprise. In
my role as Chairman of the Board of Directors at Petroplus, I look
forward, in particular, to focusing my efforts on growth initiatives
for the Company which will contribute to the company´s future
development and generation of shareholder value."
Robert J. Lavinia, Petroplus´s current President, said, "This is
truly an exciting opportunity for me. I have spent my entire career in
the oil industry, and now have a chance to manage this quality set of
refining assets, and I intend to concentrate on improving every part
of our operation. Refining is safe and environmentally sensitive when
operations are reliable, and reliability brings added profitability."
Patrick Monteiro de Barros, the Company´s Vice Chairman, said,
´This change brings the Company broadly in line with best business
practices in Europe by separating the roles of Chairman and Chief
Executive Officer. We are pleased that Mr. O´Malley has committed to
the Board to remain as its Chairman for a minimum of an additional 3
years."
Petroplus Holdings AG is the largest independent refiner and
wholesaler of petroleum products in Europe. Petroplus focuses on
refining and currently owns and operates five refineries across
Europe: the Coryton refinery on the Thames Estuary in the United
Kingdom, the Ingolstadt refinery in Ingolstadt, Germany, the Belgium
Refining Company refinery in Antwerp, Belgium, the Cressier refinery
in the canton of Neuchatel, Switzerland, and the Teesside refinery in
Teesside, United Kingdom. The refineries have a combined throughput
capacity of approximately 625,000 bpd. Petroplus has signed a letter
of intent to acquire the Petit Couronne and Reichstett refineries,
located in France, from Shell International Petroleum Company Limited.
The refineries have a total nameplate crude capacity of 239,000
barrels per day.
