Romania could take advantage of Russia’s oil transportation routes

Some 80 percent of Russia's gas exports is transiting Ukraine, "which is not always a pleasure for Russia," Ruttenstorfer said.
He added that Russia plans to build two new oil pipelines to Germany and Bulgaria. "We [Petrom-OMV] are considering these opportunities," Ruttenstorfer said. 

OMV is the owner of Romania's former state-owned Petrom, the largest local oil company. Petrom's General Manager, Mariana Gheorghe, said OMV is to use Petrom as an operational hub for Southeastern Europe, Russia, and the Caspian and Black Seas.

Ruttenstorfer and Mariana Gheorghe yesterday attended the conference entitled “150 Years of Oil History.” Also present at the debate was Dinu Patriciu, CEO of Rompetrol group. “At a certain point, Romania was the sixth oil producer, and currently it has less than 0.1 percent of the worldwide production,” Patriciu said. 

He added Rompetrol could be an alternative to Russian gas and oil, as it is connected to another major producer, Kazakhstan. The Kazakh state-owned oil company, KazMunaiGaz, recently acquired 75 percent of Rompetrol.
In an exclusive interview with Business Standard, Ruttenstorfer said the purchase of Rompetrol by KazMunaiGaz is not going to change Petrom’s strategy. 

When asked if Rompetrol could become the main oil company on the Romanian market in five years, he said that “anything is possible in theory, but that in practice this is not possible.” He added Petrom is improving its position on the market and is becoming increasingly stronger. 

Speaking of the company’s restructuring, Ruttenstorfer said OMV has invested more than €800 million in Petrom, and that this year’s budget is even higher, exceeding €1 billion. The head of OMV did not rule out the possibility of further acquisitions in the Black Sea area, but declined to say if the group is negotiating the takeover of a company on the regional market.