Corinth Pipeworks is awarded a contract to manufacture and supply the pipeline for OMV Petrom’s Neptun Deep Project in the Black Sea
PRESS RELEASE
Brussels, 13 November 2023
Cenergy Holdings announces that Corinth Pipeworks, its steel pipes segment, as a subcontractor for Sumitomo Corporation Europe Limited, will manufacture and supply approximately 160km of longitudinally submerged arc-welded steel pipes (LSAW) for the development of an offshore natural gas pipeline for OMV Petrom’s Neptun Deep project in the Black Sea. This major contract is valued between EUR 100 and 150 million.
The Neptun Deep Block in the Black Sea has an area of 7,500 sq. km and is located at a distance of about 160km from the shore of Romania, in water depths up to 1,000 meters. Neptun Deep is the largest natural gas project in the Romanian Black Sea and the first deepwater offshore project in Romania.
The 30-inch pipeline will be manufactured at Corinth Pipeworks’ facilities and will include external anticorrosion coating and internal flow efficiency lining, applied at the same location as pipe manufacturing at Thisvi, Greece.
Corinth Pipeworks has a comprehensive portfolio of products and solutions to supply and deliver challenging, current and future offshore development projects, using the latest welded linepipe technology.
“We are particularly delighted to be awarded this major project by Sumitomo Corporation Europe Limited, a trusted partner of OMV Petrom, the largest integrated energy company in Southern and Eastern Europe”, stated Ilias Bekiros, General Manager of Corinth Pipeworks.
About OMV Petrom
OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe (barrel of oil equivalent) in 2022. 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 approximately 780 filling stations under two brands – OMV and Petrom. OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange. For more information, please visit: www.omvpetrom.com/en
About Sumitomo Corporation Europe Ltd
Sumitomo Corporation Group conducts business activities in a wide range of industries on a global scale, with its six business units, an initiative and regional organizations all over the world working closely together. Strategically and organically integrating our robust business foundation and our diverse, high-level functions, the company creates new values by staying a step ahead in dealing with changes and transcending existing frameworks as a way to help solve social issues. For more information about the company, please visit www.sumitomo.com/en/europe
About Cenergy Holdings
Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission. The Cenergy Holdings portfolio consists of Corinth Pipeworks and Hellenic Cables, companies positioned at the forefront of their respective high growth sectors. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables. Corinth Pipeworks is a world leader in steel pipe manufacturing for the energy sector and major producer of steel hollow sections for the construction sector. For more information, please visit our website at www.cenergyholdings.com.