Reliance on imports and on a sole power supplier will increase further

Mariana Gheorghe, CEO of oil company Petrom said the power demand and production costs would most likely increase further until 2030. “The global power demand will increase by 50% until 2030”, said Mariana Gheorghe (photo) at an energy conference organized by Forum Invest.
Mariana Gheorghe also said the main challenge of the energy sector was to ensure the required fuel supply.

“We want to reduce our reliance to hydrocarbons, but it will take some time until new technologies will provide us alternatives. Fossil fuels and hydrocarbons will remain the backbone of the energy sector for the years to come”, said Mariana Gheorghe.

The CEO of Petrom added the reliance on imported fuels and on a sole supplier would increase accordingly. “Romania however enjoys a stronger position, because the economic crisis has reduced the amount of imported energy and internal production ensure a third of the total oil demand and 80% of natural gas consumption. Nevertheless, we cannot affirm we are energy-independent”, said Gheorghe.

The head of the country’s biggest company by market value has reaffirmed Petrom’s interest for pursuing renewable energy projects. Razvan Nicolescu, head of corporate affairs at Petrom said recently it was considering several projects in the sector, with central focus on geothermal and wind energy segments.

“If the market offers opportunities, and the authorities will create an investment-friendly legislative framework, Petrom considers long-term investments in renewable energy should the cash flow permit it”, said the head of Petrom.

Petrom is the largest oil and natural gas company in Romania, with activities in Exploration and Production, Refining, Marketing as well as Gas. Petrom has proved oil and gas reserves of 940 boe, a maximum refining capacity of 8million metric tons per year and approximately 550 filling stations in Romania.

The company operates an international network of 269 filing stations in Moldova, Bulgaria and Serbia. In 2008, Petrom reported €4.552 million revenues and €969 million EBITDA.

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