Table of Contents
Executive Summary 3
Valuation 6
Peer overview 7
Macroeconomic overview 9
FX impact 14
Upstream 16
Refining 19
Petrochemicals 22
Retail 24
Natural gas 26
OMV 28
Petrom 38
PKN 48
Unipetrol 58
MOL 68
INA 78
Petrol 88
Rompetrol Rafinare 96
Acknowledgements 108