Lukoil and Petrom, 600m-euro investments in energy

Russia’s Lukoil, and Petrom, the biggest company on the Romanian market, are in the process of completing investments of over 600 million euros in 2011 in energy production facilities. These are among the few conventional energy projects carried out in the last 20 years, being the first challenges to the state’s monopoly in the sector.
Lukoil finalised a 160 million-dollar (115 million-euro) investment in modernising an energy production facility on the platform of the Petrotel refinery in Ploiești, while Petrom is on the finishing straight with a 860-MW greenfield investment, bigger than a reactor of the Cernavodă plant, worth 500 million euros at Brazi, on the platform of the Petrobrazi refinery. Both oil companies will use these investments to meet their own energy consumption needs, but also sell the bulk of the energy generated on the market.
The announcement of the completion of the Lukoil investment was made in the presence of Vagit Alekperov, president of the Russian petroleum giant with over 81 billion dollars in turnover in 2009. Alekperov also had several meetings with representatives of the Economy Ministry as well as with Romanian President Traian Băsescu.