Petprod, one of the leading energy traders on the Romanianmarket, has become the latest energy supplier for Petrom, thebiggest company on the Romanian market, which had previouslyreceived energy directly from state-held Complexul EnergeticCraiova (Craiova Energy Complex).
Petprod, an electricity trader established in 2003, is controlledby businessman Jack Cutişteanu, with its biggest contract so faruntil year involving the supply of energy to the local operationsof India's ArcelorMittal. Cutişteanu became known in 2010, when hebegan a campaign to promote his company after it lost Mittal as aclient.
Coincidentally, Petprod was also a participant in the 2008 auctionin which CEN Craiova won the contract with Petrom. The result ofthe auction was quite heavily contested. The main complaint at thetime was that an energy supplier could never compete with an energyproducer because of the costs involved. Petprod did not specifywhere the energy needed to fulfil all these contracts would comefrom.
According to data supplied by Petprod, the contract will runbetween the beginning of November and the end of August 2011, whenthe 500 million-euro plant that Petrom is building in Brazi is setto start operating. Considering the prices of the last transactionson energy exchange OPCOM, the contract sealed by Petprod and Petromcould be worth over 35 million euros, with 140 MW of energy to bedelivered.
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