The political crisis in Libya, which prompted Austrian groupOMV, Petrom's owner, to suspend hydrocarbon exploration andproduction operations in the region affected by the conflict, couldhave a positive effect on the Romanian market. Providers ofequipment for the oil industry who are working with OMV expectthere will be an increase in investment budgets in other oil-richareas, Romania included, in order to cover the deficit generated bythe Libyan crisis.
"The events in Libya shaved 10% off OMV's hydrocarbon productionbase just like that. Under the circumstances, it is to be expectedthat the group will invest more in exploration and production inthe regions where it has such activities, which include Romania, inorder to cover this deficit somehow. The big money is made fromexploration and production, not from refining," says PeterGrobmueller, CEO of the division oil and gas within Siemens. TheGerman group has several contracts with Petrom, with one contractinvolving maintenance work within Petrobrazi refinery, the onlyfacility of the two held by the oil and gas producer to still beworking.
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