Rompetrol wants to become energy trader

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Rompetrol Refining, the most important asset of Rompetrol group, currently controlled by
KazMunaiGaz, from Kazakhstan, intends to enter the energy market, and to start until the end of this year trade with electricity, sources from the company told the Business Standard daily.
 
Rompetrol’s plan says it will start production in a power station of its own, a greenfield project, continuing the intention to take over, fully, also the sub-station at Midia, south-eastern Romania.
“We have a plan and intend to carry out the first transactions with electricity as of this year. For the time being, we are studying the market, as many deals have been made in 2008, “ the sources said.
 
The company recently received a licence of electricity supplier for a period of two years, and Rompetrol Refining wants to develop also the trading of electricity to third parties, this move is added to the intention of Rompetrol group to include in its investment plan a project for the construction of a co-generation plant, at Midia, Rompetrol officials said.
 
According to them, in a first stage, Rompetrol’s getting the licence of electricity supply will support, first, the objective of the refinery to cut energy consumption.
The intention of Rompetrol to become supplier of electricity was announced, two years ago, by Dinu Patriciu, former head of group, the current CEO.
 
On the same occasion, Patriciu said that the value of the investment for the co-generation plant at Midia had to exceed 40 million euros. Under the project, the generating power is to stand at 110 MW and the plant should be ready in 18 months.
Petrom announced, last year, its entry into the electricity market, by the construction of a cogeneration plant of 860 MW, with the start of the production due for the second half of 2011.
Another oil company, present in the domestic market, Petrotel-Lukoil, expressed, at the end of 2006, a similar intention, the daily also said.
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