Romania ready to give up Russian oil

Oil refining companies have confirmed that they will not be unprepared when the embargo on Russian oil is in place, he said, adding that the authorities had discussed the possible scenario with the companies.  [Shutterstock/LCV]

Romania supports the European Commission’s decision to phase out oil and petroleum products imports from Russia, Energy Minister Virgil Popescu has said.

Romania will not be caught by surprise by the elimination of Russian oil, which accounts for roughly 30% of the country’s consumption, Popescu added.

Oil refining companies have confirmed that they will not be unprepared when the embargo on Russian oil is in place, he said, adding that the authorities had discussed the possible scenario with the companies.

Romania’s largest energy company OMV Petrom has already said that it has relinquished imports of Russian oil, and Popescu said the refineries would find oil from other sources such as Kazakhstan, Azerbaijan and Saudi Arabia. Kazakhstan, for example, already covers about 40% of Romania’s market.

However, the minister did not want to comment on a potential price increase caused by a change in suppliers, saying the oil quotations were public. Even if Russian imports are stopped, there will be no fuel shortage in the coming period, he added.

Romania’s oil consumption is 30% from local production, while 70% is imported, with around 40% coming from Kazakhstan and 30% from Russia, Popescu added.

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