Petrom to leave Russia

Petrom, Romania’s biggest company, may sell its Russian operations, which it bought for more than 100 million euros less than four years ago, although the results of the petroleum and gas producer were promising. The news, which raised a number of doubts but was not explained by either the Austrians at OMV, the majority shareholder or by Petrom, was announced at the end of last week. Petrom is supposed to focus on the Caspian region according to the strategy devised until 2015.
“We have to see if we have the necessary resources for growth or if we have to sell,” said Mariana Gheorghe, Petrom CEO. Another market where Petrom is present is Kazakhstan, where the company has several exploration and production licences for a number of blocks.
Petrom has a record investment programme for this year, 1.6 billion euros, although the economy seems unable to recover from the 7% drop of last year that hit a lot of businesses hard.
“I strongly believe that agreeing on a deadline for the adoption of the euro is a mobilising factor that can lead to a fast-paced economic growth,” Gheorghe added. Petrom’s boss believes economic growth may come from energy, agriculture and infrastructure.