Investment plans in Romania: power utility, oil, insurance

CEZ AS, Czech Republic’s biggest power utility, plans to invest about EUR 400 million to complete a 600-megawatt wind park in Dobrogea, southern Romania, by the end of 2012. The total value of investment into the project will amount to more than EUR 1.1 billion.

OMV Petrom SA, Romania’s biggest oil company, plans to invest between EUR 800 million and EUR 1,200 million on average per year through 2014 as it seeks to start developing its Black Sea deepwater Neptun block between 2014 and 2016. According to its updated strategy through 2021 sent to the Bucharest Stock Exchange Petrom may also explore renewable energy opportunities between 2014 and 2016 and »unconventional« opportunities from 2016. It may also seek new Black Sea exploration and production opportunities between 2016 and 2021.

AXA SA, Europe’s second-biggest insurer, plans to invest about EUR 15 million in Romania in 2012. The company seeks to expand its network and plans to hire about 230 new sales consultants. The insurer increased the capital of its Romanian unit by EUR 9.5 million at the end of April.

Source: Bloomberg