Petrom enters a 9bn-euro market: energy market

Petrom, the only Romanian producer of petroleum and natural gas, secured the licence for electricity supply at the end of last week from the Romanian Energy Regulatory Authority (ANRE). This is the official entry on the energy market of Petrom, one of the top 25 players, which reported cumulated turnover worth over 8.5 billion euros in 2007. The electricity supply licence was granted on Thursday the 21st of May, according to Petru Lificiu, chairman of ANRE. The licence has a two-year term, during which time Petrom can operate like any other electricity trader on the market. The company can seal buy-sell contracts with energy generating companies or with other licence holders, it can import energy, sell energy to other eligible consumers or export electricity. The company needs the supply licence in view of the investment it intends to make on the site of the Petrobrazi refinery.