Romania to invest 30 bln euros in energy sector by 2020 – economy minister

Romania will invest 30 billion euros in the energy sector by 2020, Economy and Finance Minister Varujan Vosganian announced at energy debates here on Thursday.

‘Energy is the strongest card Romania will play so as to boost its repute in Europe. Energy is Romania’s most dynamic sector. This sector will record the biggest expansion, it is the key element to continued reform and the most dynamic one in terms of investments’, he stressed.

Vosganian announced that more than 270 million euros will be invested by 2010 in research and uncovering of new deposits, seismic prospecting or drilling. Investments worth 160 million euros will be made in exploitation works, while 500 million euros will be invested in enlarging the underground storage capacity.

Romania will invest 300 million euros in the natural gas sector, of which nearly 25 million euros a year will go to the development of the distribution networks over an entire period of eight years.

The minister quoted figures made available by Oil Company Petrom as showing that 1.5 billion euros will be invested in exploitation in the oil sector, while one billion euros will be put into oil refining and processing and another 500 million euros in oil distribution.

Power plants will also benefit from significant investments.

‘570 million euros will be invested at the power complex of Isalnita-Craiova (200 million euros for environment protection and 370 million euros for development), some 700 million euros at Rovinari (325 million euros in environment protection and 380 million euros in upgrading) and 760 million euros at Craiova (200 million euros for environment and 560 million euros for upgrading)’, Vosganian said.

As much as 2.4 billion euros will be invested in nuclear energy by 2015, for the completion of Cernavoda Nuclear Power Plant’s Units 3 and 4, while renewable resources will benefit from 1.8 billion euros worth of investments during 2007-2015, with the amount representing the Romanian state’s contribution only, the minister explained.

Romania’s energy independence will be achieved, by 2015, with the help of Cernavoda’s Units 3 and 4, by the upgrading of the power plants, the use of the coal resources that can last 100 years and by means of the hydro-power, Vosganian said.

‘If the energy strategy drafted by the Economy and Finance Ministry is closely followed by 2015, then Romania will boost its energy production capacity by 70-80 percent and will triple its exports’, he added.

Vosganian underscored he doesn’t wish this investment process be felt by the citizens by increased tariffs, especially as regards natural gas. ROMPRES