Petrom makes first power delivery at new power plant in Brazi, Romania

Romania's oil and gas company Petrom has recently made the first power deliveries to the grid as part of the tests run at the Brazi combined cycle gas fired power plant, the company has announced. This was the final test before starting the commercial operations. The investments in this power plant amounted to EUR 500 million. Petrom began the construction works of the Brazi plant in 2008. It is the largest private greenfield project of power generation in Romania, having a capacity of 860 MW generated by two gas turbines and one steam turbine. The plant’s flexibility allows the installation of additional wind production capacities in the Romanian system: with the two gas turbines, each of them being able to produce 290 MW, approximately 700 MW can be installed in wind plants. On the distribution market of oil products, Petrom Group is present through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. For the group’s sustainable development, its strategy includes business diversification by approaching the power market. In this context, Petrom is building a 860 MW gas fired power plant at Brazi and acquired the project for the construction of a 45 MW wind park. In 2010 the group’s turnover was EUR 4.4 billion, while its EBIT profit was of EUR 709 million. OMV, one of Austria’s largest listed industrial companies holds a 51.01% share in Petrom. Romania's Ministry of Economy holds 20.64 percent of Petrom shares, Fondul Proprietatea holds 20.11 percent, the European Bank for Reconstruction and Development 2.03 percent and 6.21 percent is free float on Bucharest Stock Exchange. editor@romania-insider.com (photo source: Sxc.hu)