SNP Petrom, the largest company on the Romanian market, is planning to invest some $430 million throughout 2003-2007 in establishing new productive facilities, retooling the already existing ones and in environment protection measures, all of which petrochemical industry-related.
"Petrom is planning to invest $430 million throughout 2003-2007 in petrochemical operations at Arpechim Pitesti and Petrobrazi Ploiesti. The targets of this investment programme include boosting the productive capacity from 200,000 to 300,000 tonnes of pyrolysis, as well as new polyethylene and polypropylene productive facilities and the retooling of the acrylonitrile productive facilities," Gheorghe Constantinescu, Petrom's general manager told Ziarul Financiar.
The funding of the project will be covered, the Petrom official says, by the company's own resources and by those raised from loans.
"Romania has the necessary installations, there are human and material resources in the Romanian petrochemical industry and there are also financing sources to develop a petrochemical centre in this area. From this standpoint, Petrom is the centre of the Romanian petrochemical industry and has its own development programmes. This is how it must cover the needs of the industries that rely on petrochemicals, such as the plastic, piping and car making industry," Constantinescu on Monday said during the second edition of the Black Sea Energy Summit organised by the Regional and Inter-regional Development Forum along with Electrica, Transelectrica and the Romanian Oilmen Club.
The petrochemical investment plan announced by Petrom's general manager comes at a time when the officials of the private oil group Rompetrol have already taken concrete steps to get such operations going on the Petromidia platform. Latest info shows Petromidia has a polypropylene installation operational, which produced 65,000 tonnes in 2002 and is expected to produce 75,000 tonnes this year.
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