Rompetrol, investments worth USD 100 M this year in Romania

Rompetrol provided in this year’s budget USD 100 M for investments in Romania, of which approximately 40 per cent will be allotted to the Petromidia refinery and the remainder to the network of petrol stations, the new vice-president of the company in charge with retail and trading, Catalin Dumitru announced yesterday at a press conference.
He added that the group wants to construct 15 new petrol stations this year and will rebrand 60 more units. “We will develop the network of petrol stations mainly around Bucharest, but also in north-western and south-western Romania,” Dumitru mentioned. According to the source, the group also wants to enter the oil market of Turkey, first with trading activities and later with retail operations.
The Rompetrol official also referred to the thermal power plant worth USD 130 M that the company controlled by KazMunaiGaz promised to build if the government approves the memorandum regarding a stake in Rompetrol Rafinare.
“The feasibility study is already completed. In 2017 (…) the thermal power plant will be operational,” Dumitru mentioned. The plant will burn natural gas and refinery gas and will have a total capacity of 136 MW of thermal energy and 73 MW of electricity. The thermal energy will supply the town of Navodari. The majority shareholder in the Rompetrol group, will pay USD 200 M from the historic debt of USD 688 M in exchange of a 26.7 per cent participation in the capital of Rompetrol Rafinare, the company that operates the Petromidia refinery.
The fuels might become more expensive by 0.4 RON/litre starting April 1st, when the new excise of 7 eurocents/litre will come into force. Dumitru added that, on short term, this price hike will diminish consumption.
“This price increase will certainly determine a decrease of consumption, it is hard to anticipate by how much, it also depends on weather and other factors, there will be a period when the market will settle again. Will it diminish total consumption by one percent point? It is possible, too. Then, we are convinced that consumption will return to normal, both for petrol and for diesel,” the Rompetrol official explained.

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