The founder of Rompetrol added this type of projects were for a long term and required large amount of time to write off the investment.

“Black Sea oil reserves are very large and domestic oil consumption in Russia grows so fast that it would exceed export volumes within two years”, Dinu Patriciu added. Russia is the world’s biggest crude producer.

“Russia has huge oil reserves and can supply crude for a long time, but alternative energy resources are the future. The purpose is to be as independent as possible of Russia’s crude reserves”.

Patriciu stressed that Black Sea biomass could be a major energy source, that with the right technology it can turn into oil.