Petrom to move into renewable energy market in 2011

Oil and natural gas company OMV Petrom, held by Austria-based OMV, will move into the renewable energy in 2011, when the company plans to get into the electricity business.

“For the time being, we’re looking at a number of renewable power generation technologies, and make a decision according to what the market offers. Anyway, in 2011 we will be ready to produce electricity at our plant in Brazi”, Petrom said.

The company said on its website that it planned to make move into the renewable energy in 2011, with the construction of its power plant in Brazi and renewable energy projects.

In June OMV began the construction works of its gas power plant that will have an installed capacity of 860 megawatts, which will cost the company around €500 million. The oil company has also received authorization to start feeding electricity into the national grid in the second half of 2011.

A joint venture between General Electric (USA) and Metka (Greece) will be responsible for the construction of the power plant which is planned for completion in September 2011. This would be the biggest privately-held power generation project in Romania.

Petrom is the biggest oil & gas company in Romania and operates in the segments of exploration and production, refining, marketing as well as gas. Petrom has proved oil and gas reserves of 940 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and 269 filling stations in Moldova, Bulgaria and Serbia.

OMV is the majority shareholder of Petrom, with 51.01% interest. OMV Group runs operations in 13 countries in Central Europe in the segments of refining and marketing, and in 17 countries in six regions in the segments exploration and production. The Ministry of Economy holds 20.64% stake, Fondul Proprietatea holds 20.11%, European Bank for Reconstruction and Development holds 2.03% and the remaining 6.21% is divided between natural and legal persons.

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