OMV Petrom, the largest oil and gas producer in Southeastern Europe, has invested EUR 13 billion in the last 10 years.
“In our field, if you don’t invest, you can’t actually survive. The essence of our investment is that we do it on commercial principles. (…) It is true, if some taxes would have left more money, we could have invested even more because we have the capacity to develop strategies that are sustainable, strategies that lead to long-term development,” Mariana Gheorghe, CEO of OMV Petrom stated on Tuesday during “Romania, 10 years in the EU” forum.
However, she said that it is somewhat false to say that the money should be for the private sector rather than to the public sector because the latter has very clear tasks to fulfill and for which it needs money.
But it is also important the ratio of how much the companies are allowed to invest on the commercial basis and with the profitability they promote or how much it goes to the state budget, which is then allocated to public investment.
“Looking at the energy sector for the next 10 years, it takes EUR 4 billion a year to bring the entire energy sector to the level where it can be a mobilizing element, an infrastructure which to contribute to the social development,” Gheorghe explained.
OMV Petrom registered an annual oil and gas production of approximately 64 mn boe in 2016. The Group has a refining capacity of 4.5 mn tonnes/ year and operates an 860 MW high – efficiency power plant and a 45 MW wind park. The group is present on the oil products retail markets in Romania and neighboring countries through 783 filling stations, at end-2016, under two brands – Petrom and OMV.