Romania’s leading oil and gas firm Petrom plans to build a 500-million-euro gas-fired electricity plant, estimated to go on stream by the end of 2010, the company said yesterday.
Petrom, controlled by Austria’s OMV, said its first power plant will have an 860-megawatt capacity of which 20 percent will be used for its own consumption. “It is a project developed... under European Union environment requirements,” Werner Schinhan, deputy CEO of Petrom, was quoted as saying in a statement.
Petrom has reported a 57 percent year-on-year fall in its first-quarter net profit to 381 million lei, mainly due to lower crude prices and an appreciation of domestic currency.
(Reuters, 18/06/2007)