Petrom, Romania's biggest company, may sell its Russianoperations, which it bought for more than 100 million euros lessthan four years ago, although the results of the petroleum and gasproducer were promising. The news, which raised a number of doubtsbut was not explained by either the Austrians at OMV, the majorityshareholder or by Petrom, was announced at the end of last week.Petrom is supposed to focus on the Caspian region according to thestrategy devised until 2015.
"We have to see if we have the necessary resources for growth or ifwe have to sell," said Mariana Gheorghe, Petrom CEO. Another marketwhere Petrom is present is Kazakhstan, where the company hasseveral exploration and production licences for a number ofblocks.
Petrom has a record investment programme for this year, 1.6 billioneuros, although the economy seems unable to recover from the 7%drop of last year that hit a lot of businesses hard.
"I strongly believe that agreeing on a deadline for the adoption ofthe euro is a mobilising factor that can lead to a fast-pacedeconomic growth," Gheorghe added. Petrom's boss believes economicgrowth may come from energy, agriculture and infrastructure.
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