Petrom CEO: If we had credible long-term programmes we would have avoided drastic measures

Mariana Gheorghe, the CEO of Petrom, Romania’s biggest company, says the scenario of economic stagnation in 2010 is not much better than last year’s recession. The only thing that can make the difference between a successful and a failed 2010 is the government’s ability to devise a long-term investment programme, so that the sacrifices everybody is making now, through salary and pension cuts, should make sense. Petrom has taken steps to slash costs, including layoffs and the sale of certain operations, but has also invested in new business lines, such as energy, a segment where results will become visible in 2011. Gheorghe says Romania should be seen as a business and its development should be thought out as a business plan. “Had we come up with a credible medium, short and long-term programme, had we had an economic rebound plan, drawn up with tangible targets, as a business plan is, with clear calculations, with funding sources, we’d have had chances to shun these measures,” Gheorghe says.