Petroplus Names Robert J. Lavinia Chief Executive Officer; Thomas D. O’Malley to Continue as Chairman
Posted on February 20, 2008 – 11:10 am | by oilandgaspress.com
ZUG, Switzerland–(BUSINESS WIRE)–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 Neuchâtel, 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.
Contacts
Petroplus Holdings AG
Colin Murray, +41-58-580-1166
or
Heather Zorge, +41-58-580-1244
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