News 20111228 export

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News 20111228 export

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News 20111228 export

  1. 1. News December 28th, 2011 Romania can afford to export crude oil and electricity though penury is both resources Although Romanian companies were able to export power and oil tens of millions of euro, Romania has an urgent need of both sources. Romanian companies exported 54,000 tons of crude oil in the first 8 months of 2011, worth nearly €30 million, according to data from Statistics. Romania is a net oil-importing country which is in fact, the most purchased product from abroad. By September, imports were about €2.5 billion equivalent to 2.4 million tons. The largest importers are LukOil and Rompetrol which refine crude oil from Kazakhstan and Russia in Petrotel and Petromidia refineries. Regarding electricity, Romania is a net exporter with €106 million selling 2.2 GWh in the first 8 months of the year. Imports were only €19 million of appropriate 460 MWh. It is assumed that much of sold current belongs to the companies Hidroelectrica and Nuclearelectrica that produce the cheapest electricity because thermal energy is expensive being prohibitive for export. Our current exports go to countries such as the Serbia, Bulgaria, Hungary or Moldova. Imports are from Serbia and Moldova. Since July, Romania was affected by a severe drought that has drained lakes of Hidroelectrica, a company that was unable to honor its all contracts, announcing Force majeure. Company management had access to weather forecasts indicating an extremely dry second part of the year, but preferred to maximize factory work to maximize profits within Hidroelectrica up when it was not enough water available. Once Hidroelectrica announced Force majeure, THP plants in the country began to produce at full capacity to supply electricity deficit in the market. Being thermal current much more expensive than hydro current, is expected to increase electricity bills in the first half of 2012.Eng. Paul Keisch Page 1

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