A possible decision by Iraq to slash oil exports will not affect the activity of Petromidia refinery, as there are other supplying sources, says Dan Rosu, spokesperson of Rompetrol, which holds Petromidia.
At the beginning of the week, Iraq announced it would stop exporting crude following UN's decision to expand its "oil for food" programme for only one month. Rompetrol had previously planned that half of the amount of crude oil necessary for Petromidia should be imported from Iraq.
The group managed by businessman Dinu Patriciu wants Petromidia to reach a production capacity of 3.5 million tonnes this year.
To work at this capacity, the refinery relies on two sources: the first is Iraq, which provides one million barrels every month, under the "oil for food" programme run by the UN. The second source is the Caspian Sea, providing another million barrels of crude oil.
"First of all, a specification should be made. Iraq launched only a warning. As far as I know, the companies have received no notification regarding a halt in deliveries," Dan Rosu told Ziarul Financiar.
Rompetrol is drilling in other countries as well, but the largest oil exploitations are currently based in Romania and Iraq.
The group led by Dinu Patriciu has two drilling contracts through 37 rigs in Iraq. Nine million barrels of crude oil have been drilled so far from this Asian country, while two million barrels of crude oil were delivered to Petromidia refinery.
Iraq announcement prompted a quick reaction of the oil price on the international market, as this country accounts for 5% of the world oil exports. The reference quotation of American oil on the Asian markets exceeded 28.36 dollars/barrel, against 27.93 dollars at the end of last week.
"The only way that a possible decision by Iraq to halt oil exports can affect us is actually the oil price increase," Rompetrol spokesperson said.
One month ago, Dinu Patriciu estimated that "the development of Petromidia activity will trigger a 2% increase in Romania's GDP."
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