“We started hot commissioning in June, which represents a major milestone in the plant’s construction. In fact, this is the final testing stage before starting the commercial operation of the plant,” said Hilmar Kroat-Reder, member of Petrom Executive Board, responsible for Gas and Power.
The 860 MW cogeneration plant is set to become operational in the second half of 2011. Construction began in 2008 and total investment is estimated at EUR500 million.
Petrom is majority owned by Austria’s OMV (OMV.VI), with a 51% stake. Romania’s Economy Ministry and investment fund Fondul Proprietatea hold 20.63% and 20.11% in Petrom, respectively, while the remaining shares are traded on the Bucharest bourse.
Tuesday morning, Petrom’s shares traded up 3.11% at RON0.394.