“The feasibility study is already completed. In 2017 (…) the thermal power plant will become operational,” Dumitru told a news conference.
The thermal plant will require $130 million investments and will have a total capacity of 136 MW thermal power and 73 MW electric power. The thermal power will be used to supply Navodari town, southern Romania.
In January, the Romanian Government approved the memorandum of understanding (MoU) with oil group Rompetrol under which the latter agreed to buy back 26.69% in its refining unit Rompetrol Rafinare (RRC.RO) in exchange for $200 million.
The two parties also agreed to set up a joint investment fund to be 80%-owned by The Rompetrol Group and 20%-controlled by the Romanian state.
Rompetrol also pledged to invest in Romania approximately $350 million in a power production unit and in the expansion of its gas station network.
Rompetrol is fully owned by Kazakh state-run oil and gas company KazMunayGas.