"Through this project we intend to capitalize the flexibility of Brazi gas-fired power plant. With a portfolio which includes both gas-fired capacities and renewable capacities, we benefit from the strengths of both technologies. Diversification into wind power is in line with our sustainability efforts. In the medium term, by capitalizing on the gas and power convergence and by developing renewable energy projects, Petrom will make the transition from a pure oil and gas company to an energy player," said Mariana Gheorghe, chief executive of Petrom.

Located in a very favourable wind area, the project acquired by Petrom will be equipped with Vestas-V90 turbines, for which the acquisition contracts are in place. Considering the high potential of the area, Petrom evaluates the possibility to expand the capacity of the project to 54 MW.

Petrom will construct and operate the wind power plant, which is estimated to enter production mid 2011.

"With electricity demand going up in the long term and expected to play an important role, as CO2-free energy carrier, our strategy for electricity envisages the development of a balanced projects portfolio, from both conventional sources, such as gas, but also from renewable sources. For this wind power generation project we will invest around €100 million, including both acquisition and development," said Gerald Kappes, Petrom Executive Board member, responsible for Gas, Power and Chemicals.

Petrom has a share capital of 56.64 million lei, divided into 5.66 billion shares at a face value of 0.1 lei. Its majority shareholder is OMV Austria with 51.01% stake, while the Ministry of Economy holds 20.63% and Fondul Proprietatea 20.11%.