Putin: Trade between Russia and Romania reaches five billion dollars

During a meeting with Romanian President Traian Basescu, held on the occasion of the NATO-Russia Council, Russian President Vladimir Putin referred, on April 4, to the positive trend in the trade between Russia and Romania, which reached five billion dollars.
The Romanian-Russian trade will rise around 12 percent in 2008 from 2007, to over 5.2 billion dollars, has recently said trade adviser of the Russian Federation in Bucharest Igor Sidorov. According to him, the bilateral trade was estimated in 2007 at some 4.7 billion euros, up around ten percent from 2006.
In the first 11 months of 2007, the bilateral trade amounted to 4.471 billion dollars, with imports standing at 3.935 billion dollars, and exports at 535 million dollars.
The imports of natural gas account for roughly 90 percent of the total imports of Romania from Russia, with over 40 percent of the natural gas burnt in Romania coming from import.
Russian companies have invested so far in Romania around two billion dollars, and investment by Russian companies of a few hundred million dollars are expected for 2008.
TMK Co., which owns in Romania a tube producer in Slatina and a steel mill in Resita, intends to allocate 100 million dollars for the building of a new tube plant. Lukoil Co. intends to invest 50 million dollars in upgrading thermal energy sub-stations, and Alro Slatina is to earmark 600 million dollars for the building of a new thermal energy station, with the works due to start most probably in 2008 and to last for three or four years.

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