Petrom CEO: The Government�s role in the economy is not clearly defined

Mariana Gheorghe, the chief executive of Romania’s largest company said the country’s development strategy for the next ten years should be based on the relation between the three interdependent factors: business environment, society and public institution.

“I strongly believe in the modernization of Romania but every pillar (e.n: business, society, public institutions) must understand they are mutually dependent. We must build a strategy aimed at pooling our efforts to achieve our defined goals”, said Mariana Gheorghe (photo) at a seminar organized by Ziarul Financiar daily.

The head of Petrom said although in early 90s she had an important position in the Ministry of Finance (deputy managing director between 1991 and 1993), 20 years on in capitalism, and three years of “European life”, the Government’s role in the economy is not clearly defined.

The modernization of the country rests on three factors: consumption, investments and exports. “It is difficult to stimulate consumption and exports without focusing on enhancing investments”, the head of Petrom pointed out. She added that encouraging investment requires a scanning of the environment for any competitive edge Romania could have.

Furthermore, she continued, Romania should set a clear euro-adoption goal that could mobilize all forces. “This way we could find sources to increase value”.

Romania, major renewable energy potential

As for the company she runs, Mariana Gheorghe said Petrom was a successful privatization model, as 90% of its production output is sold in local filling stations.

“Petrom has two value chains, as it is an integrated company – we produce for the local market, and the surplus, if any, is exported”, Petrom representative said.

Romania enjoys an “exceptional” position in the renewable energy market. The oil and gas producer said recently it would enter the green energy market in 2011, when it would start delivering electricity and for the moment, it is analyzing several renewable energy projects.

Petrom is the largest Romanian company with operations in Exploration and Production, Refining and Marketing, Natural Gas and Energy. Petrom has proved oil and gas reserves of 823 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and 268 filling stations in Moldova, Bulgaria and Serbia.

In 2009, the turnover of the company was € 3.029 billion and EBITDA was €696 million. OMV, energy industry leader in Central and South-East Europe holds 51.01% interest in Petrom.OMV runs Refining and Marketing operations in 12 countries, and Exploration and Production in 17 countries across four continents. The Ministry of Economy holds 20.64% in Petrom, Fondul Proprietatea holds 20.11%, European Bank for Reconstruction and Development 2.03% and 6.21% of the company’s shares are traded at the Bucharest Stock Exchange.

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