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Wednesday, November 17, 2004

Rompetrol contemplates coalmines

The Rompetrol group, the second largest player on the Romanian petroleum market, has expressed an interest in branching out to coalmines.

"Over 53% of Romania's population uses wood for heating, creating a high potential for liquid fuel used for heating," said Dinu Patriciu, Rompetrol Group chairman and its main shareholder.

The petroleum operator has a petroleum coke processing plant in Midia for which Patriciu estimates annual turnover will reach $60-$70 million and annual profits around $20 million. "Rompetrol is interested in taking over coal mines. We are even interested in some of the mines that have been closed," explained Patriciu.

The potential coal-based heating market is estimated at $9-$10 million tonnes of coal per year, making for a business of several hundred million dollars annually.

Posted by Mihai : 11/17/2004 01:08:00 pm