OMV Petrom's Verchere: We no longer import crude oil from Russia, alternative sources more expensive

OMV Petrom no longer imports crude oil from Russia in response to the conflict in Ukraine, but the alternative sources are more expensive due to higher transportation costs, said Christina Verchere, CEO of OMV Petrom, in an interview with AGERPRES.

In this context, the company is currently looking into all options for diversification of supply sources.

In terms of natural gas, unlike other countries in the region, Romania has a low degree of dependence on imports and, the most important, it has resources to cover for all its gas needs. However, the country is still facing a fragile position in this respect, given that domestic production has been declining in recent years and, as long as there are no new natural gas projects being developed, imports could increase to more than 50pct by 2030, says OMV Petrom head.

OMV Petrom is waiting for the offshore law to be modified by the middle of this year, in order to decide in the first half of next year whether or not to extract the gases from the Neptune Deep field in the Black Sea. The cost of this project could rise in the context of the current inflation, said Verchere.

She also spoke in an interview about the demand for fuel in the first three months of the year in Romania, as well as the changes in prices.

The company made a net profit of 1.748 billion lei in the first quarter of this year, more than three times the result recorded in the same period last year, according to the company's financial report, published on Friday.