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Petrom: Romanian energy sector won’t be spared by international financial crisis

Romania as whole is not immune to the international financial crisis, least of all Romania's energy sector, Mariana Gheorghe, Petrom's general director, stated yesterday within the ‘Energy in Central and Eastern Europe' Forum, Agerpres informs. ‘The energy issue is critical in the context of the international financial and economic crisis. Many say that Romania is protected. Romania is not immune to the crisis, least of all its energy sector' Mariana Gheorghe stated.

The financial crisis could have an impact on the deadlines of projects and strategies within the energy sector, according to the quoted source. The main energy sector points that will be affected by the crisis are the rise of final energy demand, estimated to stand at 45 per cent in 2020 compared to 2005, as well as the import dependency, the latter estimated to grow to 50 per cent by 2020, according to the Petrom representative. ‘Implementing European standards and the need for massive investments are among the challenges Romania has to face. The financial crisis will reduce access to credit lines for the energy sector' Mariana Gheorghe added.

Petrom has invested EUR 4.3 bln from 2005 to June 2008. The funds were invested in production, exploitation, refining and marketing in the natural gas and oil sectors, according to the aforementioned source. Petrom has registered a turnover of RON 4.73 bln in Q3 of this year, up by 46 per cent compared to the similar period last year. The company's net profit reached RON 626 M in Q3 of 2008, down by 5 per cent compared to the similar quarter last year.

Fuel consumption in Romania to stagnate in best of scenarios

Fuel consumption in Romania will stagnate in the following period in the best of scenarios, with slight oscillations of +/- 5 per cent, Mariana Gheorghe estimates. ‘Until now the fuel demand in Romania proved to be very rigid in relation to the price hike, but on the other hand I don't see why a financial and economic crisis couldn't lead to the rationalization of consumption' the Petrom official stated yesterday within the ‘Energy in Central and Easter Europe' Forum. Mariana Gheorghe pointed out that in October 2008 the sales of fuels in Petrom gas stations grew by 30 per cent compared to the ones registered in the same month last year, with the growth standing at 25 per cent in Q3 of this year. She added that Petrom has managed to stop the decline of oil production in 2007, the goal for the next period being to maintain the production volume. According to Petrom's director, the company has revised its entire investment program against the backdrop of the international crisis, but it could even hike the production if it will manage to find sources of financing for its investment projects.

Petrom's production of oil and natural gas has reached 51.80 million barrels oil equivalent in Q3 of this year, down by 2 per cent compared to the same period last year, according to the financial results published by the company.

 

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Tags: energy lsquo gheorghe according compared production mariana romania sector international financial crisis petrom

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