$300m investments in Petromidia and Vega

Rompetrol group, the second leading player on the Romanian petroleum market, has announced an investment plan worth 300 million dollars (227 million euros) over the next two years in projects to upgrade and build new installations at the group’s refineries, Petromidia and Vega Ploiesti. The programme entails major investments in technology to improve fuel quality and comply with European standards for the next four years. Rompetrol has adjusted its programme to meet the requirements of both the domestic and the EU market, as well as the changes in the competitive environment and its own local and regional development strategy, group officials say. The group, which is run by Dinu Patriciu, intends to create the best conditions for exporting fuel to markets where compliance with European environmental standards is mandatory. Rompetrol’s most important medium-term projects are the upgrading of diesel production to comply in advance with standards due to come into force in 2009 and the adjustment of the diesel-petrol ratio in its production depending on market demands. ZF